06/24/2013
Gulf Coast Well Workover Program $100,000 – $800 million ( #9022)
A proven team of highly qualified engineers, geologists, and electrical log analysts have united to form this oil company to re-enter shut–in wells along the Gulf Coast and produce the oil and gas that were left behind by the large oil companies. Three of these engineers are former Schlumberger Engineers. The President of the Company actually wrote the training manual for Schlumberger on how to find oil from old electric logs. The Company also has a license from the U.S. government which allows it to use its proprietary nuclear logging tool — a tool that can identify producible oil zones behind the steel pipe and cement — oil that cannot be seen with commercially available logging tools. This logging tool works 98% of the time in a specific area of the Gulf Coast Region of Louisiana. The tool is considerable less accurate in North Louisiana and other areas of the USA — for this reason, Schlumberger decided not to develop this logging tool when they had the chance. The inventor legally developed the tool in his garage after he retired from Schlumberger and now he has joined this small company that is focused on re-completing old oil and gas wells in this region of Louisiana. The company is mainly interested in old dead wells; however, in order to obtain access to the dead wells, the Company must purchase currently producing wells in the field. This requires substantially more funds than the Company has, so a substantial funding partner is sought. Funding in the range of $50 – $800 million will be required to purchase the remaining Proven Developed Producing reserves (PDP) in just one of several mature oil and gas fields that have already been identified. This investment can be structured in a way that will offer maximum security to financial backers. For example, a financial backer can be fully secured by currently producing oil reserves. The Company wants to use its own money to revive the old dead wells. If desired, the investor may also participate directly in the re-completed wells in addition to owning the producing wells. Smaller investors may participate directly in the company’s Private Placement Offering for a minimum of $100,000. 9J3