Wichita Lease Oil & Gas Properties
Wichita Falls County Oil & Gas Leases in North Texas
Currently, Walker Lane Exploration owns Oil and Gas Leases in Wichita County, Texas. In 2015, a third party approved geologist produced a National Institute Audit Report 51-101, which is an Audit of Reserves for our Whitcha Fall County Leases supporting these reserve estimates.
The 100% working interest in leases totaling approximately 213 acres include 37 wells on the leases, which have the capacity to be reentered and recompleted, and have probable reserves of over 630,000 barrels in the ground, and another 2 million Behind-Pipe. It is the intention of the Company to evaluate the various well bores and place the field back on production and concurrently investigate zones (sands) within the wells that have not previously been produced.
The leases lie within areas actively engaged in the production of oil where transportation for product and equipment for workovers are available. The reserves were determined based upon electric log analysis and volumetric methods based on well data and production data. Previously, the Company put on stream and tested 10 wells, where production varied from 2 to 10 BOPD (barrels of oil per day) per well. Deeper formations, below 2100 feet, are productive in the area and while prospective on the acreage, were not included in the reserves below.
Well Reservoir Results Analysis
The 100% working interest leases, with net revenue interests of 80% are operated by LTS Oil and Gas Inc. for the working interest partners. All funds are stated in U.S. dollars. The tables in the report are derived from the most likely case scenario for a 35 well program on the leases.
The Wichita County Reservoirs Draw Oil from Anticlinal Traps
The reservoirs in the Wichita County, draw oil production from anticlinal traps in the Cisco sands of the Upper Pennsylvanian at depths from 700 to 1900 feet. The productive sandstones are the result of transgressive and regressive shoreline cycles in marine, deltaic and fluvial environments. The sands lie within the Electra Arch, an east west anticlinal feature, which extends through three counties from west to east, Foard County, Wichita County and Clay County. As of July 2003 the leases collectively produced 1,014,414 barrels of oil since 1913.