Drilling & Completions | General News

Hunter Oil Subsidiary Files Five-Well Permit Targeting NM San Andres

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   |    Wednesday,June 13,2018

[Summary: Hunter Oil's wholly-owned subsidiary, Ridgeway Arizona Oil Corp., has filed for drilling permits for 5 wells in its Chaveroo oil field in Roosevelt County, New Mexico

The planned wells will target the San Andres formation at approximately 4,500’ TVD (true vertical depth) and will be one-mile-long horizontal wells.

In the long run, the company intends to develop the Chaveroo reserves by drilling up to 84 horizontal wells.

About Chaveroo Oil Field

Hunter has a 100% working interest in its almost 16,000-acre Chaveroo field.  The Chaveroo oil field has reserves targeted for exploitation of 22 MMBOE (million barrels of oil equivalent) consisting of Proved Undeveloped reserves of 8.4 MMBOE, Probable reserves of 3.4 MMBOE and Possible reserves of 10.2 MMBOE, as disclosed in its year-end 2017 reserve report.]

 

 

 

 

 

 

ORIGINAL RELEASE:

Hunter Oil Corp. (TSX-V:HOC) (OTCQX:HOILF) (the “Company” or “Hunter”) announces that its wholly-owned subsidiary, Ridgeway Arizona Oil Corp., has filed for drilling permits for 5 wells in its Chaveroo oil field in Roosevelt County, New Mexico.  The planned wells will target the San Andres formation at approximately 4,500’ TVD (true vertical depth) and will be one-mile-long horizontal wells. 

Hunter has a 100% working interest in its almost 16,000-acre Chaveroo field.  The Chaveroo oil field has reserves targeted for exploitation of 22 MMBOE (million barrels of oil equivalent) consisting of Proved Undeveloped reserves of 8.4 MMBOE, Probable reserves of 3.4 MMBOE and Possible reserves of 10.2 MMBOE, as disclosed in its year-end 2017 reserve report.  The Company intends to develop the Chaveroo reserves by drilling up to 84 horizontal wells.  These permits represent the first group of wells to be drilled in the planned program and mark a significant milestone for the Company.  During the past three years the management team has readied the two oil fields for their next phase of exploitation via infill horizontal redevelopment.

Summary Reserve Information

Hunter Oil Corp. Net Reserves (MMBOE)
  Proven
Undeveloped
Probable Possible
Chaveroo Field 8.4 3.4 10.2
Milnesand Field 4.1 1.8 4.3
Total 12.5 5.2 14.5

The preceding information is a summary only and readers are referred to the Company’s news release dated April 26, 2018 for further details, as well as to the evaluation of the Company’s reserves conducted by independent qualified reserves evaluator, Cawley, Gillespie & Associates, Inc., effective December 31, 2017 which is available on SEDAR.

About Hunter Oil Corp.

Hunter Oil owns and operates two large, historic oil fields in the Permian Basin of Eastern New Mexico – the Milnesand and Chaveroo fields, Historical production of these two fields is approximately 40 million barrels. The Company plans to unlock the value in these resource-rich fields by leveraging existing infrastructure, lowering operating costs and increasing efficiencies of its operations.


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