This is only the first of many more exciting oil and gas projects that will be added to Central Oil & Gas and rapidly developed according to the business plan and growth strategy of the company as the company undergoes its current financing stage.
This project (named TIGER 1522) represents the initial capitalization of the Central Oil and Gas Corporation of America. This project was selected from the portfolio of existing oil and gas projects that are owned by the first Tiger Team and was acquired into Central Oil & Gas in the first quarter of 2014.
Tiger 1522 is located in the United States. An independent third party valuation report and analysis of this oil and gas interest, reserves and valuations related to the company's recoverable oil and gas reserves was completed as of April 30, 2014.
This project is now known as TIGER 1522. The results of the Tiger Team's first new completion are shown here.
New Well Location: +/-200’ from an existing wellbore with better shows than current producer (Land Location).
Objective: Light Gravity Oil
Geologic Overview: The prospect will further delineate a stratigraphic trap already proven up by offerer and surrounding production. The risk to a new drill is minimized since open hole and mud logs exist from a wellbore that is only +/- 200 ft away. The reservoir is considered a combination drive with a stronger depletion component. Seismic, subsurface mapping and well control shows the potential for significant commercial development.
- Please describe the markets in which you intent to sell your oil and gas?
Currently we are selling existing production at a premium. There are tanks to store the oil production – up to 1500 barrels per day storage at this point in time. Tanker trucks pick up the oil and it is hauled to a pipeline collection point for distribution to refineries. This distribution methodology is assumed to continue for the foreseeable future.
- Please provide the geological assessment studies
Geologic maps were created using seismic and well control. The 3D map we have is a picture of the net pay as we believe it (i.e. OOIP). Reserves are calculated from the net pay map.
- What is the corresponding oil in place?
Overall geologic interpretation of initial project suggests the potential of significant OOIP. As acreage position has grown, potential reserves go up with it.
- Please provide basis for initial production per well and the annual declination. How reliable is this number?
Currently production is West, South and North of the Project. It is not uncommon to have wells that will IP at 300-400 bopd.
- Any seismic data available for the field?
Yes, geologic maps were created using seismic and well control.
- Is there any independent 3rd party verification of field potential?
Yes, as ofApril 30, 2014 a third party has verified the potential for significant commercial oil production.
- Crude quality: Any Core lab data available – what is the GOR?
Gravity 41 - GOR 700 scf/bbl
- What is the plan for gas utilization?
Pipeline already in place. Gas is being sold.
- Crude Oil pricing
We currently receive a premium to NYMEX of $10/bo
- Ratio of producing well to dry well
Initially the project is anticipated to be development and exploitation drilling.