PetroTerra Corp. provides operational update

PetroTerra Corp., an independent oil and gas exploration company currently focused on the Sevier and Beaver Oil Project in west central Utah, has announced that following its most recent site inspection of the project area the company is initiating Phase Three of its technical analysis at the Sevier Oil Prospect.

The company has engaged PRISEM Geoscience Consulting LLC (PRISEM) to conduct a structural and stratigraphic analysis of the prospect area. PRISEM will use detailed data obtained by the company. Following its analysis, PRISEM will deliver to the company an initial geological model of the subsurface with recommendations on a future geologic work plan for the prospect area. PRISEM's initial analysis is expected to be complete by the end of November 2015.

Phase 3 Overview

PetroTerra's Sevier Prospect comprises approximately 3200 acres of Bureau of Land Management (BLM) leasehold land located in Utah's Central Thrust Belt. The company's prospect lies 18 miles southwest of Wolverine Gas and Oil Corp.'s Covenant oil field and 33 miles southwest of Wolverine's Providence oil field.

Recently, PetroTerra has been diligently obtaining relevant data that will enable PRISEM to render an initial geologic interpretation of the subsurface in the Company's prospect area.

PetroTerra Corp. has now obtained the following non–public available data:

• Results of a regional satellite-based geochemical survey.
• Complete geophysical and geologic datasets from offsetting wells.

This data will be integrated with the company's Phase Two magnetic and proprietary gravity surveys. PRISEM will construct 1-2 balanced cross sections through, or near, the Sevier Prospect that will be approximately 5-8 miles in length. The first versions of the cross sections will be constructed without the use of seismic data. Once the initial subsurface interpretations are analysed, the company will assess the benefits of licensing the publicly available 2D-seismic data or acquiring its own proprietary 2D or 3D seismic.

"After visiting the prospect area last month, it was good to note that much of the terrain is favorable for future seismic acquisition and the construction of drill sites," said COO Kurt Reinecke.

John Barton, CEO of PetroTerra, said: "The company has made good progress to date with obtaining the necessary data for PRISEM to complete an initial interpretation of our Sevier prospect. Obtaining data in this area is extremely challenging and we have worked diligently to build relationships that allow us to access critical privately-held data. We will proceed to purchase or license only the most relevant seismic data needed to improve the geological model. This model should create multiple working scenarios moving forward for our acreage and enable us to continue our exploration work in the most effective way."

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/18112015/petroterra-corp-operational-update-1637/