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    Home > Chemicals Industry > Petrochemical News > Canadian Overseas Petroleum Corporation discovered light oil in the United States

    Canadian Overseas Petroleum Corporation discovered light oil in the United States

    • Last Update: 2023-03-15
    • Source: Internet
    • Author: User
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    Canadian Overseas Oil Co.
    , Ltd.
    , an international oil and gas exploration, production and development company with operations concentrated in Wyoming, USA, announced a regular light oil area
    found in its Wyoming assets, according to World Petroleum on January 10.
    In addition, COPL has provided operational updates
    for production in its Barron Flats Shannon field.

    Arthur Millholland, President and CEO of COPL, said: "We acquired Atomic Oil & Gas in January 2021 and we realized the great potential of exploration, but the rationale and financial model of the acquisition reflects the long-term production flow of 5,000 bpd
    from existing wells.
    Since then, we have increased production of existing wells and accelerated our exploration program, announcing new discoveries
    today.
    This highlights the long-term production potential of Wyoming's assets, which are produced many times
    higher than we initially expected.

    We estimate that the discovered Frontier block covers an area of approximately 51 square miles and can drill up to 3 horizontal wells per square mile, with an initial production of 1,000-3,000 barrels per day
    per well.
    We plan to produce in phases and have applied for production permits for 4 horizontal wells While evaluating the entire field development plan, we will use internal resources to cover the initial cost
    of the development.
    This discovery highlights the long-term sustainable production prospects
    of this outstanding asset.

    "This is a major oil discovery, and the scale of growth in our assets in Wyoming has surprised
    us all.
    " Conventional light oil discoveries of this magnitude have been rare
    on the North American continent for years or even decades.
    We controlled most of this discovery as it coincided
    with our large continuous rental blocks.
    We will begin to develop this discovery
    this year.

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