Fremont Petroleum is the first company to successfully drill through the highly fractured and problematic Pierre formation and drill a horizontal well into the Niobrara formation.
The 15,282 acre Colorado Pathfinder property in the DJ Basin Colorado sits directly adjacent to the Florence Oil field, which has produced approximately 15.5 million barrels of oil from the shallow formation.
Austin has embarked on a low cost, high impact drilling program targeting oil production from the Pierre formation which remains in virgin territory in Austin’s Pathfinder property.
- Located in Florence, Colorado
- Pathfinder encompasses 15,282 acres (AKK:100%) – big enough for over 350 wells, with 40 acre spacing
- Primary Objective is the Niobrara Shale in the Denver-Julesburg (DJ) Basin and the Pierre shale
- Secondary Objectives: Fort Hays, Greenhorn, Codell A & B
Independent reserve estimates of approximately 200,000 – 500,000 BO per horizontal well
Spacing allows for a minimum of 100 horizontal wells
- Fairly contiguous acreage with a flat terrain
Well #1: C11-12 #1 – Successful vertical exploration well.
Well #2 C11-12 1 HZ – Successfully drilled with 16 frac stages over a 4100ft horizontal leg – IP RATE: 403 BOEPD.
- Well #3: C18#1 – Exploration well successfully intersects 2 free flowing oil formations in Pierre and Niobrara.
- Well # 4: C18#3 Pierre – has been identified as a high impact target and has been methodically de-risked for drilling starting December, 2015
Gas compression unit being evaluated as a short term solution to sell gas
Long-term, maximum profitability of the Pathfinder project will be achieved by laying gas lines and connecting in to the nearest major pipeline (approx 5 – 7.5 miles away)
Aaron Goss is the VP & GM Texas & Colorado Business Unit