Black Raven Energy has acquired an 80% working interest in the Adena Field for $15.75 M. The area of this field is 18,760 gross acres located in Morgan County of Colorado and will be operated by the company.
Black Raven has inked a contract with a strategic associate, who will offer engineering, management and geological services connected to this project and will make 24% of the working interest of the company after all expenditures.
The production of oil in this Adena Field is typically from the D sand and from the waterflood of J sand. Black Raven calculates that the probable and proved oil reserves connected to this field are more than 3 M barrels from both the structures. Additionally, the company has estimated that a gas cap in the J sand holds recoverable natural gas of over 3 BCF. The Adena Field is one of the main productive oil fields in the D-J Basin as it was producing 75 M barrels of oil equivalent to the J sand. Since the prices of oil collapsed during the mid 1980s, the most part of this field was dumped and a small section of it was activated again. The Company has planned to activate the J sand waterflood aging and develop the D sand, which was mainly unused.
The CEO of Black Raven has stated that the company has completed the acquisition. It has been working on this field for many months. By means of experienced technical personnel, this field will produce more oil and natural gas in the future.
Source: http://www.blackravenenergy.com/