June Operations Update Released by Enhanced Oil Resources

By G.P. ThomasJun 18 2012

Enhanced Oil Resources has provided updates related to its operations for June. According to the earlier reports, the company intends expanding production and reserves via infill drilling at the Roosevelt County, New Mexico-based Milnesand oil field.

This will be followed by evaluating the potential of Chaveroo oil field for infill drilling, and promoting the planning and permitting objectives by September 2015 for the nearly 41 mi CO₂ pipeline that links its Milnesand oil field with Kinder Morgan's Cortez CO₂ pipeline. This is the company’s primary goals for 2012.

The average oil production volumes for May were 375 bopd, a reduction of 19 bopd since April. The decrease in volumes for May is attributed to the down-hole failure that led to a month long suspension of Crossroads 102 well. This well is likely to resume production shortly. With the delivery of fit-for-purpose tools for a parted submersible pump, the company will carry out additional fishing operation effort at the Crossroads 303 well. Fishing operations have been started however, and the remainder of the submersible pump is being retrieved from the well. The company will further operate on the 303 well, anticipating re-establishment of production.

In order to commence a 1400 ft lateral into an offsetting 20-ac in-fill location at the Milnesand oil field, the company is waiting for Key Energy's drilling rig, which will also support the 3 well horizontal drilling program.

The company has contracted Dawson Geophysical to obtain the first 3-D seismic survey at the Crossroads oil field, expecting program commencement in the Q3 of 2012.

The well log data received from the Chaveroo oil field will be delivered to external consultants for carrying out field-wide log normalization project. The continued survey on permitting the Cortez to Milnesand CO₂ pipeline will come to an end by Q3 of 2012, with rights- of- way agreements expected to conclude by the year end.

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