Convert proved or near-proved oil/gas reserves into producing reserves at costs below industry norms.
- Target existing production on legacy leases with few mandatory capex requirements (Current Held-By-Production “HBP” leases are 1920’s thru 1950’s vintage, Operator friendly)
- Pursue conventional (not shale) and largely proven reserves (less risk, less expensive, longer lasting)
- Focus on shallow to mid-depth drilling horizons (typically 3,000’ to 10,000’)
- Look for short cycle recompletion and work-over opportunities (take advantage of market swings)
- Remain oil-centric but position for ready access to competing natural gas markets (optionality is key)
- Aim for operational efficiencies via geographic intensity (close-end operations lower overall costs)
- Stay cognizant that geologic promise is often driven by historic realities of severed rights, multiple operators, incomplete data assimilation (historical knowledge drives future opportunity)