Background – THE HISTORICAL OIL & GAS PROVINCE OF EASTERN OKLAHOMA
“Oklahoma would go on to become the largest oil producer in the country in that era and used to be referred to as the “Oil Capital of the World”
- 1905 discovery that became known as the Glenn Pool Oil Reserve, about 15 miles south of Tulsa started the first large scale oil boom in Oklahoma
- “It is said that more money was made on the Glenn Pool oilfield than the California gold rush and Colorado silver rush combined”
- Tulsa went on to become the petroleum and transportation center of the entire country and for many years
- Prominent petroleum industry figures, like J. Paul Getty and Frank Phillips got started in the Glenn Pool boom
- Today there are still over 300 wells producing in the region
- Production on many wells continued for decades
Blackrock Joint Venture – Oklahoma
- Located in the historic oil & gas province of Eastern Oklahoma
- Project covers 15 separate mining leases on over 1,500 acres
- 40+ actionable oil & gas wells undergoing rework and/or enhancement activities
- Well positioned in regard to transport and infrastructure
- Producing predominantly oil. With a recent expansion of the project, it is anticipated that both oil and gas will be in production in the near future
- Work continues on the properties to bring more wells into production mode and to continue efforts to optimize production capabilities.
- Future growth opportunity – ability to drill new wells