Texas Oil Asset
Petroteq owns a minority stake in Accord GR Energy, Inc a Houston-based oil and gas exploration and production company that in late 2015 executed an Asset Purchase Agreement to acquire the mineral leases to approximately 7,000 acres in Edwards County, Texas. The Wardlaw Field is located approximately 28 miles west of Rocksprings, TX. The Field has over 139 wells drilled over its history, 3 of which were recently drilled by Accord GR with 84 wells currently permitted for production. The depths of these wells all fall between approximately 250 and 500 feet.
The A Zone has been determined to be a viable production interval. In testing the zone has produced in the 0.5 to 20 bbl/day range. The oil is categorized as "medium crude" and the deposits are in the light gravity range of heavy oil at 18-22 API gravity.
The following are characteristics of the producible zone:
- Glen Rose A Formation
- Depth 236 to 254 feet
- Stratigraphy Lower Cretaceous: Silty Dolomite
- Thickness: 10 to 21 feet – Average 15
- Permeability Average: 105 md, Median 12 md
- Maximum Permeability: 1,500 md, Dykstra Parsons – 68 %
- Average Porosity: 28.7%
- API Gravity: 20
- Oil Saturation Average: 51.2%, Range 20% to 69%
- Temperature 75°F
- Oil Viscosity: 125 cp