Pecos Valley
Joint Venture

Eddy and Lea Counties, New Mexico
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  • Project

Field Development Project - Permian Basin

Eddy and Lea Counties, New Mexico

Eddy and Lea Counties, New Mexico

PROJECT

Pecos Valley Joint Venture

Eddy and Lea Counties, New Mexico
The Pecos Valley Joint Venture aims to re-develop 100 producing oil and gas leases in 35 different oil and gas fields located in the Permian Basin, in Eddy and Lea Counties, New Mexico. The re-development project consists of a total of 421 vertical conventional wells – 333 active oil producers, 13 shut-in oil wells, and 75 injection wells, located in three regions of the Permian Basin – Delaware Basin, Northwest Shelf and Central Basin Platform.

Historical oil and gas production from the 100 leases totals 22.4 million barrels of oil and 51 billion cubic feet of gas (or 25 million barrels oil equivalent). Current gross oil production is 154 barrels of oil per day (or 81 barrels oil per day net to the JV interests), with immediate plans to implement 140 workovers – 120 oil wells and 20 injections wells. Phase 1 expected incremental oil production is 154 barrels oil per day which would equal a 100% increase in production in the next 18 months, establishing a new gross production rate of 304 barrels oil per day (or 162 barrels oil per day net to the JV interests), with a 10-year target production estimate of 744,872 barrels of oil (post workovers and re-completions), which equate to a 3% incremental over historical field production of 25 million barrels oil equivalent.

As to field geology, the 100 held-by-production leases in the 35 existing oil and gas fields produce from thirteen different reservoirs, including the Tansill, Yates, Seven Rivers, Queen, Grayburg, San Andres, Drinkard, Paddock, Glorieta, Tubb, Abo, Delaware and Bone Spring formations. These formations range in depth from 1,800 feet to 9,800 feet, and with 25 million barrels oil equivalent already produced from 346 total producers, equates to an historical per well average production of 72 thousand barrels oil. Since 85% of the wells produce from depths shallower than 5,000 feet, average production over 70 thousand barrels oil is considered strong production for shallow, inexpensive vertical wells. Also, the multi-reservoir potential of the prolific Permian Basin can lead to additional low-risk, up-hole, re-completion opportunities in other productive zones.
The conventional reservoirs like the San Andres, Yeso and Abo formations of the Permian Basin are also showing potential for horizontal drilling, leveraging techniques applied in the deeper Wolfcamp and Bone Spring formations of the Delaware Basin, where 98 drilling rigs are currently drilling in Eddy and Lea Counties, New Mexico, making the two-county area the most actively-drilled region in the United States.

Maps and Properties

Regional Field Map - Project Areas A, B, C and D Shown

Area A - Delaware Basin (West) - Well Base Map

Seven Oil and Gas Fields

27 Leases – 275 Total Wells – 209 Active Oil Wells – 66 Injections Wells (Two Waterflood Fields) Seven Rivers, Queen, Grayburg , San Andres Formations (1,800’ to 4,250’ Depth Range)

Historical Production: 14,581,114 BO + 7,443,225 MCF (14,953,475 BOE) (4/44 to 8/25, 81.3 Years) (71,547 BOE Average per Well)

Currently Active at 108 BOPD (Gross) and 57 BOPD (Net to Joint Venture) Joint Venture (Non-Op): 70.750856% WI and 52.910875% NRI

Area B - Northwest Shelf - Well Base Map

Five Oil and Gas Fields

20 Leases – 61 Total Wells – 51 Active Oil Wells – 4 Shut-In Oil Wells – 6 Injections Wells Queen, Grayburg and San Andres Formations (2,200’ to 4,250’ Depth Range)

Historical Production: 2,826,108 BO + 1,436,630 MCF (2,897,940 BOE) (9/41 to 8/25, 84.0 Years) (52,690 BOE Average per Well)

Currently Active at 19 BOPD (Gross) and 10 BOPD (Net to Joint Venture) Joint Venture (Non-Op): 73.799693% WI and 54.097195% NRI

Area C - Delaware Basin (East) - Well Base Map

Seven Oil and Gas Fields

13 Leases – 21 Total Wells – 14 Active Oil Wells – 6 Shut-In Oil Wells – 1 Injections Well Yates, Seven Rivers, Queen, San Andres, Delaware and Bone Spring Formations (2,975’ to 9,800’ Depth Range)

Historical Production: 1,616,834 BO + 1,374,169 MCF (1,685,542 BOE) (6/62 to 8/25, 63.3 Years) (84,277 BOE Average per Well)

Currently Active at 3.5 BOPD (Gross) and 1.8 BOPD (Net to Joint Venture) Joint Venture (Non-Op): 66.347693% WI and 48.931978% NRI

Area D - Central Basin Platform - Well Base Map

Sixteen Oil and Gas Fields

40 Leases – 64 Total Wells – 59 Active Oil Wells – 3 Shut-In Oil Wells – 2 Injections Wells Tansill, Yates, Seven Rivers, Queen, Grayburg, San Andres, Paddock, Blinebry, Tubb, Drinkard and Abo Formations (2,880’ to 8,160’ Depth Range)

Historical Production: 3,405,427 BO + 41,117,749 MCF (5,641,314 BOE) (4/54 to 8/25, 71.4 Years) (88,086 BOE Average per Well)

Currently Active at 23 BOPD (Gross) and 12 BOPD (Net to Joint Venture) Joint Venture (Non-Op): Op): 73.971636% WI and 55.388205% NRI

Pecos Valley Joint Venture

Field Development Project – Permian Basin
Eddy and Lea Counties, New Mexico
Monthly Income Conversion Table
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Eagle Natural Resources, LLC

ENR Operating, LLC RRC # 253075
5445 Legacy Dr. STE 440 Plano TX 75024
Phone: (972) 674-1024

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