The Bridwell offset prospect is a 3D seismically defined 4-way upthrown closure in the Upper Wilcox section bounded on the south by an east-west trending fault. A key well on the northeast flank of the structure, the Bridwell Soileau #1 encountered pay in the Upper Wilcox A sand that is equivalent to the productive sand in Andrepont Field two miles directly south.
Andrepont field is a similar structure with 3 wells drilled and has cumulative production of 4.1 BCFG and 427,389 BO with 1 well still producing from the Upper Wilcox A. The Bridwell Soileau produced 52,775 BO from the Upper Wx A sand. The proposed non-pressured 12,500’ well is designed to test the Wilcox “A” sand on the prospective 255 acre closure and the potentially productive deeper Wx 7 on the 570ac closure. The deeper Wx sand produced in the Bridwell Fontenot #2, located 2 miles west southwest outside of the 3-D area.
Estimated reserves for the prospect are as follows:
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TRADE TERMS
Estimated Prospect Fee:
Cash cost due @ closing: $175,000.00
Estimated Costs Pre-Drilling:
Leasing: $25,000.00
Legal: $30,000.00
G&G: $10,000.00
Turnkey DHC (AFE): $1,125,500.00
Total: $1,365,500
Completion Costs:
Lease add on acreage: $45,000.00
AFE turnkey completion: $634,200.00
Total: $679,200.00
TOTAL Drill & Complete: $2,045,000.00
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WILCOX A (PUD)
10’ Net pay sd x 255AC x 200 BBL/AC/FT = 510,000 BO
WILCOX 7
10’ Net pay sd x 570 AC x 1000 MCF/AC/FT = 5.7 BCF
50 BBLC/MMCFG x 5700 MMCF = 285,000 BO
TOTAL RESERVES
795,000 BO x $70/BBL = $55,650,000
5.7BCF X $4.50/MCFG = $25,650,000
$81.3MM/$2.045MM Completed =
39.755 ROI (unrisked)
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