Oil/Gas Drillling?
Hey, has anybody heard how that one-man oil company is doing at finding and driliing for oil and gas in the Caddo, Delhi and other oil fields?
I am expecting to hear any day that they have drilled all the way down to the 9,000 to 10,000 foot depth necessary to find the CO2 they will need to pressurize those old, worked out oil horizons.
I can't wait to hear the financial dynamics of just how they are expecting to get those $4,000,000.00 to $5,000,000.00 CO2 holes drilled so they can have a source of CO2 to pressurize the strata to forceout all the residual oil, gas and residue hydrocarbons that remain.
Of course, after they either drill for a source of CO2 or buy the CO2 (price is about the same) they still have to pony up the $4 to $5 million per hole to actually do some drilling in the hopes of finding some oil or gas or both.
I think the Caddo field is the only one of the lot that would be considered as "good" by a oil geologist or a real oil professional. I am not so sure a one-man oil company is going to provide much 'bang' for the buck in the oil patch.
The only company I know of that is experienced enough with the CO2 injection and pressurization process to be able to pull off such a complex operation is a company like Denbury Resources, a NYSE listed company, with actual experience in those oil fields.
I think the $250k or whatever REV has stated they have invested in those oil patches would just about buy a couple of rounds of beer for the crew. Where are they going to get the 10'f of millions of dollars required to do any drilling whatsoever, let alone the exploration, costs?