Green Star Energies acquires 80% ownership of Fortunate Energy.
Fortunate Energy was established in 2010 to acquire and develop E. J. Robicheaux lease in St. Mary's Parish, Louisiana. The lease is about 20 acres with an 80 acre option and has five oil wells and a salt water disposal well.
Green Star acquisition offers much more in form of resources and expertise available to develop the field. The plan of expansion will break into several phases. Preliminary drilling efforts will focus on #1, #2 and #3 wells modification. The second phase is to alter wells #4 and #5. The third phase will focus to drill one or two wells between #3 and #5 wells to exploit the sandbar reservoir. Additionally, there are two oil columns following the pipe that confirm the presence of salt water disposal well, which can be attained through lateral drilling from #4 well.
The wells drilled in the early 1980's are shallow and are about 1,200 feet deep, At first, the production of oil varied between 9.7 barrels and 36 barrels per day. Fortunate Energy purchased the lease in 2010 and has spent in equipment and infrastructure in order to commence the drilling of wells.
Under this agreement, Green Star acquires a majority interest in Fortunate Energy. There is a great opportunity for growth in the existing lease. The objective of the company is to re-work the existing wells and develop joint production of between 15 to 20 barrels of oil per day.
Source: http://www.greenstarenergies.com/