Recently, GTN was able to establish that our Permian Bone Springs shale below the sand deposits has a 1,600 feet thick pay zone of oil and distillates - rich possible reserves. The top of the shale pay zone is 800 feet below the surface, which is very shallow. Possible internally estimated reserves based on geology, logs and drilling rock samples are at least in the hundreds of million of barrels. Initial development is entirely focused on the sand pay zones and hydraulic fracturing of the shallow shale will be undertaken in an ulterior developmental phase. Read More . . .
GTN News and Updates
The Texas Railroad Commission has approved an affiliate of GTN to become the Operator of the Massie West lease. The name of the affiliate is MWWD Operator, LLC. The previous Operator, JG Stone Oil Company, remains as a consultant to GTN. JG Stone has decades of expertise operating oil and gas leases in Texas. Their primary responsibilities are to handle financial reporting and regulatory compliance. Read More . . .
Massie West Lease - GTN will be developing up to 20 acres in the proven reserves area of 275 acres. The plat for the 20 acre spot is on inverted 5 well spacing, with 1 producing well surrounded by 4 water injection wells. An outlying existing producing well is also likely to benefit from the water pressure applied by the 4 injection wells. Spudding is expected in September 2016 and Initial Production in early October 2016. Proven reserves in the 20 acre spot are 425,000 barrels of oil. Read More . . .
Massie West Lease - GTN is resuming production from 9 wells that were yielding 50 BOPD when production was temporarily interrupted in the transition period between the lease's prior owner, GT Ventures and GTN. The wells will be operational by September, 2016. Read More . . .
Massie West Lease - Recently compiled production data, cores, logs and swab tests have established the presence of 5.7 million barrels of proven reserves of oil over 275 acres of the lease. Around the proven area, 3,500 acres have probable reserves of 74 million barrels of oil. Five additional cores, logs and swab tests are necessary to prove the reserves. The remainder of the 16,900 acre lease has possible reserves of 120 million barrels, as internally estimated by GTN's geologist. Extensive reservoir studies have to be performed in order to prove these reserves. Read More . . .