• Company Home
• Assets / Prospects
  • All Prospects
  • Uno Mas
  • Bootleg Canyon
  • ClearWater
  • Jones County
  • Atwood
  • Adams-Baggett
  • Padre Island
• Investor Relations
  • News Releases
  • SEC Filings
  • Executive Biographies
• Learning Center
• Contact Us

Ticker Symbol VYEY

THE ATWOOD SECONDARY OIL RECOVERY PROJECT

• Oil Focused, secondary oil recovery via a water flood
• Target formation (Booch)
• 500,000- 1,000,000 barrels of oil recovery possible
• Located in Hughes County, Oklahoma
• The company holds a 2 percent working interest and a 1.58 percent net revenue interest

Prospect Background

The “Atwood” oil project located in Hughes County, Oklahoma. The Atwood prospect is an established multi-well oil-focused play on 1,240 acres.  The acreage holds 31 wells, each with an average depth of 3,200 feet.  They have been in production since the late 1970’s. 

These wells have produced approximately 527,000 barrels of oil.  A resent geologic study has indicated that an additional 500,000 to 1,000,000 barrels of recoverable oil may exist.  Oil recovery at a higher ratio is possible.  The company will be utilizing a secondary waterflood oil recovery procedure that has been proven in this geographic area.  The waterflood is expected to begin in the first quarter of 2012.  Although several wells are currently producing oil , peak production is not expected to occur until later in 2012. 

The primary target of the waterflood is the upper and middle Booch (pronounced “Boke”) sand.   The field has been in production since the late 70’s.  Several of the existing wells will be converted to water injection wells for the initiation of a waterflood.   The waterflood program has been approved by the Oklahoma Corporation Commission and is anticipated to begin in the next ninety days.   The operations team is both local and experienced.

The company, through its partnership with Aurora Energy Partners, holds a 2% working interest (WI) and a 1.58% net revenue interest (NRI) in this project.