Located in California, NiMin Energy is an independent oil and gas exploitation and production company with principal operations across the United States. The company took a major step towards prominence with the announcement they have successfully drilled and cased two vertical development wells at its Pleito Creek field in California, the 23-25 and 24-35 wells.
Both of these fields have targeted the Santa Margarita oil reservoir. The Santa Margarita is the primary oil reservoir in the Plato Creek field, with production resulting from both conventional drilling and the application of NiMin’s proprietary Combined Miscible Drive (“CMD”) technology for increasing recovery of heavy oil.
In addition to the Santa Margarita reservoir, the 24-35 well encountered 80 feet of potential pay in the Chanac formation above the Santa Margarita oil reservoir based on mud log oil shows, log analysis and offset product.
Leading the way at NiMin Energy is Clancy Cottman whom serves as the company’s Chairman and CEO. Commenting on this breaking news, Cottman was quoted as saying, “Historically, the Chanac reservoir has been a secondary objective but we are very excited about its newfound potential given our recent drilling efforts. The two Pleito Creek wells were drilled and cased ahead of schedule and below budget, and the logged results significantly exceeded our expectations. We look forward to completing both wells in the near-term, and expect them to be in production during the third quarter.”
Currently, NiMin Energy is trading in the $1.70 range. To learn more about this story or the company as a whole, visit their corporate website at www.niminenergy.com
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