Crude Energy recently announced its plans to drill a well at its White Wolf Prospect, a project that is located near Midland, Texas. The company, based in Dallas, is not publicly traded, but is soliciting high-level investment from investors who are seeking a position in the Permian Basin.
Wolfcamp shale formation
Crude's 640-acre White Wolf Prospect will target the Wolfcamp shale formation. The drilling will reach a total depth of 9220 ft, however the Wolfcamp ranges from 5770 ft down to 7300 ft.
Although Wolfcamp is the primary target, the company has secondary objectives in the Cisco/Canyon Sand Series at 7300 ft, the Strawn Lime section at 7900 ft, the Mississippian at 8400 ft, the Fusselman at 8700 ft, the Montoya at 8800 ft, and finally the Ellenburger at 9170 ft.
The Permian Basin is currently the most productive oil producing basin in the US, with total production surpassing 1.6 million bpd in June 2014. That is nearly double the 850,000 bpd produced in 2007.
Crude Energy has considerable acreage in the basin, having acquired over 3000 acres in the Wolfcamp in April 2014.
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/01082014/crude-energy-drilling-in-permian-basin-1182/