Samson 27% Working Interest
The State GC oil field, located in Lea County, New Mexico, was discovered in 1980 and covers approximately 600 acres. The field currently has one well that has produced 460,000 barrels (bbls) of oil and 0.7 BCF of gas. Samson has a 27% working interest in this field. One drilling location within the field has been defined and the operator has proposed to drill this well in the third quarter 2007, at a location determined through the use of 3D seismic amplitude, which has been proven to be accurate in determining the incident of porous zones with the Lower Leonard oil productive zone.
State GC Gas Field, New Mexico
Samson 100.0% Working Interest
Samson has acquired a non-exclusive 3D seismic grid previously shot by a geophysical contractor covering the nine sections (640 acres each) adjacent to the State GC well, which is currently producing at around 60 BOPD from the Lower Leonard formation. This 3D seismic grid has been reprocessed and interpreted using attribute analysis. As a result of this mapping, two Morrow formation locations have been delineated in Section 24 west and Section 13 East. Samson holds 100% of both these sections and therefore will be offering farmouts to the industry to finance the drilling of these very attractive locations. The Morrow formation was originally a secondary target in this area but the remapping and subsurface modeling has suggested that the Morrow formation, which has produced gas recoveries of between 3 and 5 Bcf per well in the adjacent sections, will be the primary target.
Our priority at this property is the west Section 24 well and a drilling rig is being sourced such that this well can be drilled in the second half of 2007. |
