The Red Cave Formation
West Panhandle and Red Cave - Background
- Panhandle Field was discovered in 1922 and more than 30,000 wells have been drilled since discovery
- Most wells drilled to Brown Dolomite formation (below Red Cave), providing large amounts of Red Cave data
- Red Cave is very shallow formation situated ~2,400 ft. vertically from surface
- Red Cave was drilled from 1960-1990’s with relatively small fracs recovering only ~3-4%; significant recoverable oil remains
- In 2014, area operators increased fracs from standard 50,000 lbs. to 250,000 lbs. increasing recoveries to ~6-8%
- Red Cave is commercial at 5-acre spacing
- Offset Operator, Adams Affiliates (Longboat Energy) has drilled 40+ wells with larger fracking techniques to greatsuccess proving the Red Cave formations potential.
West Panhandle and Red Cave - Background
- West Panhandle is one of the largest producing oil & gas fields in continental U.S.
- Field is well understood with tremendous well control
- More than 30,0000 wells drilled to date & counting
Reservoir Overview(1)
Red Cave’s shallower depth contributes to lower per-well drilling costs
(1) Source: Vessell, 2017
William E. Galloway et al., Atlas of Major Texas Oil Reservoirs (Austin: University of Texas Bureau of Economic Geology, 1983). Charles N. Gould, Covered Wagon Geologist (Norman: University of Oklahoma Press, 1959).
David F. Prindle, Petroleum Politics and the Texas Railroad Commission (Austin: University of Texas Press, 1981). Charles Albert Warner, Texas Oil and Gas Since 1543 (Houston: Gulf, 1939).
Richard K. Vessell, Figure 9: Stratigraphic Panhandle Study Area (R.K Vessell, LLC, 2017)
