Joe DeVries has 20 plus years of experience in financing and administering public companies, having facilitated in the building of shareholder equity value with development capital, reorganization and reactivation of Tier 2 TSX-Venture oil and gas issuers, including Altima Resources Ltd. and TransAmerican Energy Inc.
Today, as CEO and Director of Petrichor Energy, he helms a company with an intriguing property, a tightly held share structure, and JV partners that know the lay of the land.
Their Marble Falls property holds so much promise, in fact, that DeVries has been aggressively adding to their holding.
Can you tell me about Petrichor Energy and how it was formed?
Petrichor Energy (TSX:V.PTP, Stock Forum) is an emerging oil and gas exploration company focused on acquiring, exploring and developing new oil reserves in North and South America, while employing the latest geophysical and geological technologies. Petrichor Energy was formed through the reorganization of Odyssey Petroleum, with the purpose to focus on the acquisition of assets for tight oil and gas reservoirs within Texas.
You’ve recently acquired property at Marble Falls, Fort Worth Basin in North Texas, why did you choose Marble Falls? What is the opportunity?
The Marble Falls was chosen because of its location overlying the Texas Barnett Shale and fitting the profile of a highly prospective property. The prospect consists of 12,000 acres of oil-rich Pennsylvanian Age Limestone resource play. There is potential for 100+ locations of multi-zone targets utilizing both, vertical and horizontal drilling techniques. The Pennsylvanian Age Limestone is a liquids-rich Mississippi age porous limestone formation, that is deposited beneath the Barnett Shale and forms pinnacle reefs at depths less than 5,000 feet, reaching a thickness of 400+ feet. These resource plays create the opportunity for large reservoir targets with massive hydrocarbon deposits within shoal basins, and at times producing in excess of 400,000 BO per well. Limestone plays have produced approximately over 75,000+ BO in vertical wells, with great potential in horizontal wells to expose more reservoir rock and exponentially increase production capabilities. Additionally, there is opportunity to explore known fields that have potential for multi-zone completions in all of the wells, including the building of reserves through drilling while taking advantage of the growing sophistication of new frac technologies.
Tell us more about your Marble Falls project and what stage is it at?
Petrichor has recently acquired additional acreage in the Marble Falls Prospect, totaling 66.66% WI, (2/3 of 12,000 acres) and will be drilling our first development well in this quarter.
What do you think you can do with that project over time?
We believe we can build value for our shareholders through strategic development of proven, in-ground, long-life reserves.
What are the key challenges that you face in this current market?
Availability of continuous capital in order to develop the property and wells could be a challenge in the current market.
Tell me about your management team and their ability to execute in Marble Falls?
Our management team is made up of individuals with a wealth of experience and knowledge in this area, including various regions of North America. Accumulatively, our team retains over 100+ years of experience in successfully developing fields.
Why should investors be thinking about investing in Petrichor Energy?
Our company has a tight capital structure, with an incredible upside. We have the ability to develop and build low risk/high ROI properties, in proven areas, that result in long life reserves and production; increasing shareholder wealth.
Marble Falls is a hot oil and gas play in the Forth Worth Basin with extreme upside potential and high attention from the majors. The Barnett shale region saw 100% success rate on completed wells between 2005 and 2007. With operating partners in place, successful Petrichor test wells can be in production quickly. Petrichor is the quintessential ground floor microcap opportunity.
What are the key goals for the remainder of 2013 and early 2014?
Our key goals entail drilling the first three test development wells at Marble Falls, (commencing in the first quarter) and bringing production on line, while continuing to set up aggressive well development in the balance of the last three quarters of 2014.
Disclosure: Petrichor Energy is a Stockhouse client.