Aquinas Energy Resources Inc., (AERI) is a Texas corporation formed in 2013. AERI is engaged in the continued exploration, acquisition and development of oil and gas prospective resources in Texas. AERI is pleased to announce the drilling and completion of the Aquinas-TL Smith No. 25 which had an Initial Production (IP) of 180+ BOPD on an 8/64 choke at 600 PSI at Damon, Texas. The recent production rate from May 15, 2017, is hovering around the 50 BOPD mark as of the date of this writing.
As mentioned in prior Executive Summaries, AERI has acquired leases on the Damon Mound Salt Dome area located in Brazoria County, Texas. Since its discovery in the early 1900s, the Damon Mound field has produced over 20,000,000 BOE. In the past, properties now of interest to AERI were not thoroughly evaluated with modern seismic data. Recent 2D and 3D geophysical surveys have been completed and interpreted by Larry Leavell, our in-house reservoir engineer and Advisory Director, consulting third party geologist/geophysicist Bill Gaskin and other third party geologists for the purpose of selecting the best Prospective Resource Drill Sites. There are potentially nine to eleven other Prospective Resource Locations being considered on the leases at Damon Mound, Damon, Texas.
The Aquinas Business Plan calls for our next AERI Program to drill Polak No. 1. Thereafter, AERI’s objective is to drill a minimum of seven Prospective Wells each year on current or acquired leases. Our continued business objectives are to (a) drill low-risk Prospective Resource Wells that will generate immediate cash flow and long-term value, (b) pursue predictable economic capital projects that are repeatable and (c) generate annual growth in production, cash flow, resource reserves and asset value.
Shallow Upper and Lower Frio, Marge, HET and Miocene sands located on the properties will be the targeted formations. Wells will generally be drilled between 3000’ and 5000’. Current estimates of Prospective Resources from properties under lease are in excess of 1,800,000 BOE. Additional leases being pursued by AERI could add 3,000,000 BOE from areas around Wharton and North and South Texas. It is projected that Polak No. 1 will be a Turnkey Well to be directionally drilled to approximately 3400’ and cost approximately $660,000 through the tanks. Discussions are also underway for production to be purchased by Shell Oil and others, and the projected price is approximately net of WTI. Each well could have a life expectancy of ten to twelve years.
Management: Our officers, directors and advisors collectively bring over 250 years of experience to our energy company. Please click the “Management” tab for a list of officers, advisors and consultants with short bios.
June 9, 2017
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