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Trip to the Oil Fields

by charlie on November 6, 2012

With everything that has been going on, it has been hard to find the time to put pen to paper or in this case finger to keyboard. In light of this I thought I would give you an update on my most recent adventure in Texas.

Last week was spent in Texas visiting the Swenson Lease, my newest acquisition that I am a partner in.

From the get go I knew it was going to be a busy few days. Upon arriving on location at 7am, still pitch dark and bitterly cold, Brent our field supervisor and walking encyclopedia of everything oil, brought me up to speed as to where we were at.

The #1A well which was our first scheduled work over was not giving up as much fluid as expected and therefore the pump size that we were going to use would need to be changed.  Another investor who was out visiting the previous week had called attention to oil bubbling out of the #2A, about 200ft away from the #1A. This Well was not on the schedule to be reworked yet as it was producing 3bopd. However upon closer examination it was determined this problem needed immediate attention and Brents’ focus was redirected accordingly.

Over the next 3 days it was one issue after another. Through the previous operator’s bad maintenance we quickly realized that with a bit of TLC this Well could be brought around to 20bopd. Brent and the crew worked tirelessly pulling the rods and tubing dealing with the issues. What was initially thought to be a crack in the Well head which would require a full replacement ended up being a case of negligence and not screwing the Well head on tight enough. We also discovered that basically the Well had not been produced properly for at least 2years if not more, which was great news for us, so having circulated the Well and removed the 100ft of built scale and debris in the bottom of the Well, replacing over a 1000ft of tubing and putting a new pump in the Well began producing about 160 barrels of fluid with an approx 20% oil cut.

It was truly exciting being able to watch and witness the events unfold. To understand the methodical and measured approach taken to put these Wells back in to production correctly is a real learning experience. Patience is definitely the name of the game.

After 5 days it was time to leave Abilene and go back to Dallas, where over the next 3 days I was meeting with different operators to review and conduct Due Diligence on other potential investments.

In particular, I was looking forward to meeting with Matt Griffin the CEO of Payson Petroleum, who has had great success in Grayson County. I was there to learn more about his next project which is a 5 Well package on the same lease as the Brown #1 which was drilled in December 2011 and was brought in at 600+ bopd in May of this year.

I visited the Well location of the Brown #1 as well as being shown the new spud sites for the next 5 wells. The Jenny and the Crowe are the next to be drilled.

With 46 producing Wells in their growing portfolio I am very excited to be a part of their next project. Having met his team in their new offices in Bartonville, it is clear to see why they are successful.  There is a transparency and energy among the team that sets them apart from others in the industry. Their core values lies with the Investor being the priority and ensuring that what they offer is an industry quality product for the retail investor. So much so that I am proud to say that I am a principal on this project and consequently would welcome all interest and questions you may have about this fantastic opportunity.

As usual, sometimes there is not  enough time and it was time to get back to California. I was sad to leave Texas this time around as I was learning so much and meeting so many great people. I came away with a deeper appreciation of what goes on in the field, something that every investor should experience for themselves and having found 2 new projects to sink my teeth into.

If you would like any more info on my trip or simply have some questions about it or any other aspect of investing in oil, then please feel to get in touch by phone on 805 403 7080 or via email at contact@hardrockoil.com, or visit my website www.usoilinvestment.com.

 

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