One company that is starting to gain recognition is the Arkanova Energy Corporation. Located in Houston, Texas, Arkanova is an up-and-coming exploration and junior production company that is engaged in the acquisition, exploration, and development of oil and gas properties. Today, Arkanova Energy made the announcement that they have received the completion of Schlumberger’s geological mapping and infield location at Provident Energy’s Two Medicine Cut Bank Sand Unit (TMCBSU).
Arkanova received the completed data for the project on March 5, 2010 with an objective of this phase to provide updated structural maps of both the Upper and Lower Cut Bank sands, gross and net sand thickness maps of the Upper and Lower Cut Bank sand and digitize well logs along with the recommended TMCBSU infield drilling locations.
One of the more unique features of this acquisition is that the geographical phase included an update of the 1972 TMCBSU field maps and provided Arkanova with reliable structure. The TMCBSU currently has 22 active producers and approximately 30 well bores set for reactivation and recompletion. Provident Energy has increased production by roughly 32% from 2008 to 2009. As a result of Schlumberger’s phase studies of the TMCBSU, Provident Energy is in the process of applying for authorization to have its first drilling permit for 2010 approved by the necessary agencies which could lead to big things for Provident Energy which was acquired by a subsidiary of Arkanova in October of 2008.
Leading the way at Schlumberger is Pierre Mulacek who serves as the company CEO. In review of the data provided by Schlumberger, Mulacek was quoted as saying, “We had been waiting for this data to assist us in our development, not only the infield drilling, but also the correct recompletion of the current active and inactive wells. We are hopeful that our expectation of the lower targets will be validated with the Tribal – Max 1 – 2817.”
To learn more about Arkanova’s dealings with Schlumberger or the future of the company, visit their website at: www.arkanovaenergy.com and you’ll see why so many are talking about this young company from Houston, Texas.
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