Fossil Oil Evaluating Drilling 200 Wells on 10,000 Acres in Edwards County, Texas
Fossil Oil Company, LLC of Houston, Texas has initiated discussions and negotiations for the rights to participate in drilling possibly up to 200 natural gas wells on approximately 10,000 acres in Edwards County, Texas just 120 miles west of San Antonio near Rock Springs City, Texas. This could be a great opportunity for some great oil & gas joint ventures. Fossil’s President, Dennis R. Kittler, reported that this project would involve drilling 2 to 3 initial test wells early in 2013 down to 7,000’ to perfect the staged fracturing process of these lower Pennsylvanian aged Holman (Strawn) gas sands. The Holman sand package can be as thick as 800 gross feet and contain up to 7 Billion Cubic Feet of high BTU gas after being fractured. Kittler commented that the economics of this project are exceptional since these wells will be drilled with air rather than conventional drilling fluids (mud). There is also an existing 6” pipeline that crosses the acreage ready to take all the gas that can be produced to market. Fossil’s Geologist, Don Timko remarked that the high BTU natural gas has been proven up in the Val Verde Basin, but, the critical component will be to maximize the recoverable reserves with a successful frac stimulation process.