Empyrean Energy announced on the 1 June 2009 that it had entered into a Participating Agreement with Krescent Energy Partners II, LP of Houston, Texas (“Krescent”) to acquire a 10% working interest in Krescent’s Riverbend Project.
The Project Area is located in the Tyler and Jasper Counties. The Area is also ideally located south of the prolific Brookeland Field (Austin Chalk).The project targets primarily the Austin Chalk and Saratoga Formation.
An unsuccessful attempt in 2010 to re-enter the highly-pressured Austin Chalk reservoir of Quinn 3-H was followed by the successful drilling of the Cartwight No1 well in the same year.
Unfortunately production of gas and condensate was permanently impeded by a downhole obstruction in the producing zone.
The Austin Chalk interval was consequently plugged to enable perforation and eventual production from a secondary target zone, the Wilcox Formation, located at a shallower depth in the well.
Gas and condensate production to sales recommenced on the 11 May 2013. Early production of 40 barrels of condensate per day was in line with expectations , although the gas production of 745,000 cubic feet of gas per day exceeded expectations.
During the 8 months of production in 2013 the well produced 4,158 barrels of condensate and 121,156 thousand cubic feet of gas.
Since then, the production profile has been substantially reduced for both technical and economic reasons.
In 2014 a reduced quantity of 371 barrels of condensate and 18,417 thousand cubic feet of gas were produced and in 2015 a similar amount of 415 barrels of condensate and 18,356 thousand cubic feet of gas was measured at the wellhead.
At times the Cartwright No1 well has been virtually suspended and full production will only be resumed once the economic environment has improved.
The Eagle Oil Pool Development Project is located in the San Joaquin Basin, southern California.
It is a proven oil and gas province and has produced in excess of 12 billion barrels and 11 trillion cubic feet of gas. The project area covers approximately 4300 acres.
The primary target is the Gatchell Sand Member of the Eocene Lodo Formation. It is estimated that the Eagle Oil pool has mean (P50) recoverable reserves of 7.1 million barrels of oil and 12.3 billion cubic feet of gas.
In addition to the Gatchell Sands, Empyrean Energy believes that the shallower Monterey Shale is also a valid and promising target.
Empyrean Energy Plc increased its interest from 38.5 % to 48.5% when original operator, ASX-listed Victoria Petroleum NL, was replaced by the American company, R&M Oil & Gas in 2009. Subsequently, Strata-X, Inc has become operator of the project. As announced on 25 March 2013, Empyrean Energy Plc further increased its interest to 57.2126% as a result of a previous partner deciding to surrender its interest.
The Eagle North -1 well drilled in 2006 encountered oil but was abandoned due to technical problems. The results of a drilling programme at present underway in adjacent acreage could influence future seismic configuration if the expected geological objectives in addition to the Gatchell Sand Member are encountered .