Connect with us

On August 31, 2012, the Company acquired 30 oil and gas well locations in Venango County, Pennsylvania with an option to acquire an additional 15 oil and gas locations. Work commenced on the first 5 oil well locations on the Rice lease in Venango, County, Pennsylvania, USA in March 2013 and as of February 28, 2014 the roads and drill pads were constructed, and Rice #15 was drilled to a target depth of 1,050'. Drilling samples and observations confirmed intersecting oil bearing lenses. On September 16, 2013 the Company's operator, Vencedor Energy Partners (VEP), completed the nuclear wire line log on Rice #15 on the Rise Lease, in Venango County, PA. Verbal reports from the logging crew and staff on site were very positive when the logging tool pulled out of the well bore was covered with crude oil. On September 25, 2013 the Company's operator, Vencedor Energy Partners (VEP), reported the analysis of the wire-line log on Rice #15 on the Rise Lease, Venango County, PA. VEP reported the following:

  1. The Venango-First has two separated lenses, one is about 6 feet, 762'-766', and another 9 foot section, 788'-797', and both have decent porosity. The sand thickness has developed at this location along with its oil saturations. The upper and lower lenses both have a fair to good oil show.
  2. The Venango-Second has 16 feet of formation on the bottom lens, 916'-932', with good porosity and saturation and another 4 feet above it, 908'-912' that's producible with lesser values. The porosity on the lower lens has a fair to excellent show of oil with a poorer oil show in the upper lens portion.
  3. VEP recommended the balance of the infrastructure on the Rice Lease be completed first. After the infrastructure is installed, then Rice #15 well should be completed for production.

On February 4, 2014, four of the five drilling permits on the Rice lease expired. The Operator, VEP, initiated the process to renew the four expired permits. The process for obtaining the permits may take 60 days or longer to obtain from the Pennsylvania Department of Environmental Protection.

On April 28, 2014, the Department of Environmental Protection, Commonwealth of Pennsylvania issued well permits for the Rice #3, #5, #6 and #14 to drill 4 oil wells on the Rice lease.

On May 30, 2014, the Company successfully completed and fracked the Rice #15 oil with 9 stages.

On June 2, 2014, the Company began pumping the Rice #15 oil well.