*** Radar AWEC--------------------------->
AWEC is a junior oil development & exploration company focused on producing underdeveloped oil resources in the prolific Rocky Mountain region of the United States.
Controls substantial acreage in Utah and Wyoming, nearby to areas that have very large enhanced oil recovery [EOR] potential. Includes lease options at
. South Glenrock "C with a recovery potential of 4.9 MBO,
. Burke Ranch field with a recovery potential of 2.4 million barrels and Cole Creek field which has been estimated at 125,298,000 barrels of Original Oil In Place (OOIP) of which the Wyoming Oil & Gas Conservation Commission estimates that 18,565,000 STBO has been produced from the field to-date.
. Cole Creek includes approximately 14,000 gross acres of leasehold on or adjacent to the Cole Creek Anticline of which 7,800 acres are within the Cole Creek Unit and the balance in various Held By Production ("HBP") and term leases
. AWEC is further acquiring majority interests in producing leaseholds with opportunities to maximize production through enhanced oil recovery as well as extensively mapped exploration plays demonstrating significant development potential.
Exploration program, overview
. Major exploration currently centers on the property at Skull Valley, Utah is a well-defined and prospective exploration play
. Skull Valley has been reported by Exploration Technologies Inc. (ETI) as having features similar to, and with possibly greater potential than the nearby Grant Canyon field which has produced almost 30 million barrels of oil.
. Exploration Technologies, Inc., a third party engineering firm from Houston, Texas, identified that the similarities between the structural style (slump blocks), geologic column (reservoir rocks), and geochemical anomaly between the Grant Canyon field and the Skull Valley Prospect suggest that with almost 5000 leased acres (over 2000 acres in the heart of the geochemical anomaly) a 25 million to 35 million barrel potential is a realistic possibility
RECENT DEVELOPMENTS
AWEC completes purchase of Skull Valley oil prospect, May 30, 2008
AWEC becomes the official operator of record for the South Glenrock "C" oilfield located 20 miles outside of Casper, Wyoming. AWEC will receive the right to all production from the field as of May 1st, 2008 -- May 19, 2008.
AWEC engages Petroleum Engineers Ryder Scott Company to Assess Reserves -- May 5, 2008
. Ryder Scott will prepare estimates of remaining proved, probable and possible oil and gas reserves attributable to interests in the South Glenrock "C," Cole Creek and Burke Ranch fields which Ameriwest is evaluating for potential acquisition and which are all located in the state of Wyoming.
. Founded in 1937 and based in Houston, Ryder Scott is one of the largest, oldest and most respected reservoir-evaluation consulting firms in the industry
. The initial reports will be prepared by Ryder Scott on the South Glenrock "C" field and are slated for completion on or near June 30th. Similarly, it is planned that the Cole Creek evaluation would follow approximately 4 weeks afterwards and lastly, the Burke Ranch evaluation approximately 4 weeks later.
. As part of the terms of the engagement, Ryder Scott will also prepare an economic feasibility study of each field based on the CO2 flooding simulation studies conducted previously by NITEC, LLC. These studies will provide P10, P50 and P90 estimates of all 3 oilfields.
Here is Myer's take on AWEC secretoilstock.com |
