Apr 1, 2022
Heavy Sweet Oil receives Netherland and Sewell Oil In Place Report for Asphalt Ridge Acreage of 4.25B bbl of oil in place
Heavy Sweet Oil completed a series of exploration wells to back up our geological study of the Asphalt Ridge oil sands for in situ drilling. Our initial study was confirmed by Netherland and Sewell with 4.25B bbl of oil in place (OIP). The exploration wells found further horizons and may increase OIP by as much as 50%.
Production simulations are underway, combined with the wells and geological work, Heavy Sweet will seek P1-P3 reserves on the first 1,500 acres of land targeted for production. Valkor is filing permits and expects to be drilling in Q3 with production to follow shortly thereafter.