By Greentech Lead Team: Wind River Energy, an oil and gas
acquisition, exploration and development company, has signed an agreement with
Capstar Drilling for the drilling of the next well on Wind River’s 56,785 acre
Phat City oil project.
Wind River has completed certain engineering and
geological studies and decided to begin drilling on March 19.
The well is designed to test two benches of the Nisku
formation and will be configured to test the Bakken/Three Forks formation at a
later date.
Wind River and its project partner,
Hunter Energy, have been studying new information developed from the results of
the first Phat City well and new seismic data acquired on the Phat City
project. The second well location and design were developed with the benefit of
this analysis and are targeting oil accumulations in both the Nisku and
Bakken/Three Forks formations.
The 51-101 Report
projected a potential recoverable oil resource in the Nisku formation, of
between 156,000 to 838,000 barrels of oil per well and estimates between 125
and 170 Nisku wells could be drilled within the Phat City Project. That equates
to between $145,000,000 and $2,278,000,000 in net present value for Wind River
from the Nisku formation of the Phat City Project alone.
“In our first well, we found oil in place for 70
feet of Bakken / Three Forks and 14 feet of upper Nisku, proving that oil is present,
and present in quantities that were quantified by the subsequent third party
51-101 resource reserve report. We are excited about this second well, which
has been designed with the benefit of the knowledge provided from the first
well,” said Alan O’Hare, CEO, Wind River Energy Corp.