Wednesday, May 30, 2012

Mississippi Lime - It Is Real and it is Spectacular

You may have noticed the banner for Petro River USA on this blog.  In the coming months we will hear more from this company which is going to be a company to watch in the emerging Mississippi Lime play in the USA.

Here is an article with some detail on the play:

Recent new household names in Woods County include Chesapeake and SandRidge. Well, the next largest player in the "Mississippi Lime" exploration is Eagle Energy located in Tulsa.
Steve Antry, CEO of Eagle Energy, told the Alva Rotary Club Thursday, May 24, that the oil boom in Woods and Alfalfa counties is only going to get bigger. Right now, Eagle Energy is drilling their 52nd well in this area, and they are expecting to add two more drilling rigs to their current collection of four by the end of the year.
In explaining their explosive growth, Antry said that Eagle Energy was formed about three years ago just when Chesapeake and SandRidge were starting their new efforts in horizontal drilling in this area.
The CEO told the audience, "I think you will find it interesting to get my view on how long this growth and play is going to last. I think this trend in this area will last five, ten, fifteen years because the numbers are right. I think it is just starting."
In developing Eagle Energy, Antry purchased about ten companies for $100 million to consolidate that group with their focus on the Hunton Formation in central Oklahoma. As they worked the Hunton Formation, they had what Antry called "a little blip on the screen," that as they drilled through the Mississippian formations to get to the Hunton, they kept finding oil in the pits and other good indicators so the Mississippian became sort of a secondary idea on the back burner."
“That quickly changed,” he said, "Once we drilled the first Mississippian well, we completely forgot about the Hunton effort and it became a distant memory. I tried to pretend like I knew it was there all along,” Antry joked.

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