Global Exploration and Resources Acquires East Texas Prolific Woodbine Oil Play

RICHARDSON, TX, July 06, 2011 (Press-News.org) Global Exploration and Production teams up with Easter Seals Foundation in the development of the most prolific oil development in the continental United States. The Cayuga has produced millions of barrels of oil since the early 1900's. The mature, super-giant East Texas field has been the most productive oil field in the U.S. lower 48 states and the second largest in the country. From its discovery in 1930 through mid- 2007, it produced 5.42 billion stock tank barrels of oil (BSTB) from the siliciclastic Upper Cretaceous (Cenomanian) Woodbine Group. Its calculated ultimate recovery of approximately 5.49 BSTB and advanced degree of water encroachment indicate that it is in the waning stages of production. Given these figures, about 70 million stock tank barrels (MMSTB) are still most likely producible under current production practices.

However, recent closer evaluation of the amount of bypassed pay, deeper Woodbine pay, and poorly swept oil indicates that the field has remaining reserves of as much as 550 MMSTB. Because of this large estimated remaining-reserves volume, the abundant wells that exist in the field for potential recompletion and/or deepening, and currently favorable price of oil, producers are now aggressively targeting recompletions and especially deeper pay zones in the Woodbine section. Excellent vertical and horizontal sweep efficiency contributes to an overall high re- covery factor of approximately 77%. Although the East Texas field has produced 5.42 BSTB and has a high recovery efficiency of 77%, the amount of remaining oil (approximately 1.6 BSTB) is great, partly because of the large original oil in place (OOIP) of 7.03 BSTB, the poor sweep effi- ciency and variability in reservoir properties of dis- continuous stringer sandstones, and large volumes (1.05 BSTB) of residual oil.

"We look for developments characterized by predictable decline curves, extended economic life, and recognizable upside potential", said Mark Marshall, Director of operation for Global Exploration. " We also have the opportunity to implement a commercial saltwater disposal facility that can add revenue from both saltwater disposal fees as well as over 100 barrels of skim oil per day". Our industry partners are honored to participate in a rework development that also has the potential to generate substantial income for the Easter Seals Foundation. Global Exploration is expanding there holding in the prolific East Texas oil play.

Global Exploration and Resources is a developer of oil and gas and also precious metals.