Rio Bravo Joint Venture
PROJECT 1
LOW-RISK NIOBRARA DEVELOPMENT
Powder River Basin, Campbell County, Wyoming
PROJECT 2
LOW-RISK FRONTIER DEVELOPMENT
Powder River Basin, Converse County, Wyoming
Non-Op Working Interest Investment Opportunity ($5 Million)
LOW-RISK NIOBRARA DEVELOPMENT
Powder River Basin, Campbell County, Wyoming
LOW-RISK FRONTIER DEVELOPMENT
Powder River Basin, Converse County, Wyoming
Powder River Basin, Campbell County, Wyoming
The Rio Bravo (Niobrara) Project involves the drilling and completion of six new horizontal Niobrara wells in the prolific Powder River Basin of east-central Wyoming. The six-well Niobrara development is operated by Anschutz Exploration (Denver, Colorado) and involves completing five existing wells (DUC’s) that were drilled late in 2022 and are pending completion. A sixth well is permitted and will be drilled in early 2023, prior to completing all six wells.
The operator Anschutz Exploration has drilled sixteen successful horizontal wells in the “Niobrara Fracture Play” in Campbell County, Wyoming to date, focusing on the Parkman, Turner Sand and Niobrara Formations to date. The Niobrara Trend is composed of interbedded oil-rich shale (original source rock for the oil in-place), sandstone, marl and chalk (reservoir-quality rock with porosity) and responds very well to horizontal drilling and multi-stage fracturing due to the brittle nature of the formation. The ongoing development of the Niobrara Fracture Play can be considered more of a “mining process” than a true exploration or “wildcatting” play, since the oil is already in-place, and horizontal drilling and multi-stage hydraulic fracturing can be used to extract the oil economically.
Immediately south of the Powder River Basin, in the DJ Basin of southeastern Wyoming and northeastern Colorado, Eagle Natural Resources has participated in a non-operating working interest position in 54 consecutive successful Niobrara wells to date, including the Rio La, Wilson, Rinn Valley, Groves Farm, Calvary Farms and Big Sandy Projects, with gross production of 6.4 million barrels oil and 34 billion cubic feet of natural gas (or 12.4 million barrels oil, equivalent) since September 2018, from these six projects (See map below). Eagle continues to pursue additional non-operating working interest projects in the resource plays of the Rocky Mountains, taking advantage of recovering oil and natural gas prices, and later generation completion techniques developed by industry over many years, receiving the benefit of billions of dollars invested in the “learning curve” of early development in the prolific Niobrara and Frontier Formation Trends.
2.37155% Non-Operated Working Interest (1.77867% Net Revenue Interest)
Operator Anschutz has already Drilled 5 Wells (Pending Completion) and 1 Permitted Well to Drill in 2023 To Date, Anschutz has Drilled 16 Successful Horizontal Wells in Campbell County, Wyoming Six 2-Mile Laterals (PTD 20,250’ – PTVD 9,436’)
Powder River Basin, Converse County, Wyoming
The Rio Bravo (Frontier) Project is located in an established oil shale resource play and is considered a very low geologic-risk drilling opportunity in an established oil-rich field. The Frontier Formation Trend is composed of interbedded fine-grained sandstones, with oil-rich bioturbated shales and siltstones, overlain by the Cody Shale, and underlain by the Mowry Shale. The Frontier Formation is the primary horizontal target in the immediate area and the reservoir responds very well to horizontal drilling and multi-stage fracturing. The ongoing development of the Frontier Formation Trend can be considered more of a “mining process” than a true exploration or “wildcatting” play, since the oil is already in-place, and horizontal drilling and multi-stage hydraulic fracturing can be used to extract the oil economically.
To date, Impact has drilled 36 horizontal wells in the Frontier Formation Trend in Converse County, Wyoming with consistent well-to-well performance and increasing production results due to technological advancements in drilling and completion. To date, 36 horizontal Impact wells have produced 8,426,769 barrels oil and 17,928,893 thousand cubic feet gas (or 11,517,957 barrels oil, equivalent) from the prolific Frontier Formation since 2010. Current production from the 36 wells totals 2,830 barrels oil per day and 7 million cubic feet gas per day (or 4,014 barrels oil, equivalent per day). The direct offset analog Frontier well has produced 690,985 barrels oil and 2,537,249 thousand cubic feet gas (or 1,128,440 barrels oil equivalent), with estimated ultimate recovery of 1.6 million barrels oil equivalent, with a strong max monthly average rate of 3,509 barrels oil equivalent per day.
Immediately south of the Powder River Basin, in the DJ Basin of southeastern Wyoming and northeastern Colorado, Eagle Natural Resources has participated in a non-operating working interest position in 54 consecutive successful Niobrara wells to date, including the Rio La, Wilson, Rinn Valley, Groves Farm, Calvary Farms and Big Sandy Projects, with gross production of 6.4 million barrels oil and 34 billion cubic feet of natural gas (or 12.4 million barrels oil, equivalent) since September 2018, from these six projects (See map below). Eagle continues to pursue additional non-operating working interest projects in the resource plays of the Rocky Mountains, taking advantage of recovering oil and natural gas prices, and later generation completion techniques developed by industry over many years, receiving the benefit of billions of dollars invested in the “learning curve” of early development in the prolific Niobrara and Frontier Formation Trends.
4.9881% Non-Operated Working Interest (4.1152% Net Revenue Interest)
