Seeking Accredited investors. We are offering 10% WI in the well (7.5% NRI). No Brokers please.
Morbitzer #1 was drilled on August 15, 2016. The well was logged and showed
good production potential in the Ellenberger, Mississippian and Conglomerate
formations. The Ellenberger shows to be over 100’ high to the offset Ellenberger
producer and provided good shows in the mud log. The Mississippian also showed good oil cut and gas kicks in the mud log.
Bonfire had a completion partner that encountered financial problems prior to funding the completion. We now have an availability of working interest which is needed to complete the well and bring the well into production. These funds are necessary to complete the well and bring the well into production but, yet, are being offered at a discount to the original pricing of the well.
The key offsett to the Morbitzer #1, in the Ellenberger formation, is the Elanor #1. This well produced, open flow, over 100 BOPD for a period of about 6 months. Because they did not choke the well back, they allowed the water to come in and shut off the oil. This process is called coning off. Given that we are structurally high, we plan to choke the well back to an optimal production rate of 60-70 BOPD to provide more longevity to the formation. If we can keep the well from Coning off, we can produce over 100,000 BBLS of oil from the Ellenberger alone.
-The well is drilled, logged and cased
-Completion timeframe is very quick
-Investors are entitled to both IDC and TDC tax credits on both the drilling and completion of the well--
-Mud logs and drilling logs are available, Geologist recommendation
-Low price point
Asking Price $85,000
Sales Available On Request
Profit Available On Request
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Disclaimer: MergerNetwork has not independently verified any of the information in this listing and makes no warranty as to its accuracy or completeness.