Toronto-based Canuc Sources Company has accomplished a restore and workover operation at its asset in West Texas.
Canuc reported a profitable workover operation on the pure gasoline producing Coody-Morales Trac 3-3 nicely held by its one hundred pc owned subsidiary MidTex Oil and Fuel Company.
The Large Saline Formation is a pure gasoline bearing zone that’s situated at roughly 3,700-feet true vertical depth (TVD) in Canuc’s working pure gasoline wells. The corporate’s Coody-Morales Trac 3-3 nicely has been producing from the Large Saline for greater than 13 years, it stated in a information launch.
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The nicely was drilled in 2011, with a drilling and completion value of $153,000, and to this point has produced gross income of $1.05 million (CAD 1.45 million). The nicely has exhibited low decline charges and in 2023 produced 35,246 million cubic toes of pure gasoline, in response to the discharge.
Early within the 12 months, the Coody-Morales Trac 3-3 nicely evidenced a decline in pure gasoline manufacturing from the Large Saline Formation, Canuc famous. The corporate’s West Texas-based operator concluded that tubing put on and calcification had contributed to the decline in pure gasoline manufacturing, and {that a} nicely restore and workover program would possibly return the nicely to long run pure gasoline manufacturing averages. The makeover was profitable and the nicely has returned to manufacturing averaging roughly 100 million cubic toes per day of pure gasoline in June and July.
Additional, logs for the Firm’s Coody-Morales Trac 3-3 nicely point out that above the Large Saline Formation there are two further hydrocarbon zones that are potential for manufacturing. The Caddo Limestone is a possible oil-bearing zone situated at roughly 3,200 toes TVD and the Strawn Sands is a possible gas-bearing zone situated at roughly 1,700 toes TVD, Canuc said.
Canuc stated it plans to maneuver up gap to finish and check each the Caddo Limestone (oil) and the Strawn Sands (pure gasoline) respectively “in some unspecified time in the future sooner or later,” after the financial depletion of the Large Saline Formation.
“The Large Saline Formation within the Coody-Morales Trac 3-3 nicely has been producing money circulate for the corporate since 2011 and has paid out a number of occasions over the drilling and completion prices of the nicely. The workover has now efficiently elevated pure gasoline manufacturing for the nicely. We count on to proceed producing the Large Saline Formation till it’s depleted. Above this zone, and behind pipe, are two additional zones that are potential for hydrocarbon manufacturing, the Caddo Limestone (oil-bearing zone) and the Strawn Sands (pure gas-bearing zone). The corporate has pursuits in a complete of eight producing wells in Stephens County, West Texa,s and in addition holds rights for additional in discipline developments,” Canuc President and CEO Christopher Berlet.
“In creating the corporate’s money circulate from our MidTex power mission in West Texas, we search to guard shareholders from pointless dilution and to profit from development of aggressive USA-based power property,” Berlet added.
Based in 2011 within the Province of Ontario Canada, MidTex holds possession and lease rights for (8) producing pure gasoline wells in Stephens County, West Texas and in addition holds rights for additional in discipline developments, in response to the discharge.
To contact the writer, e mail rocky.teodoro@rigzone.com
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