Capitola Oil

 

The Capitola Oil Project is located in an active region of the Eastern Shelf of the Permian Basin just north of the town of Sweetwater, Texas. The project contains a number of shallow, “stacked” formations to depths of 7,500 feet with established production history from vertical wells. Pryme’s value creation strategy is to develop the shallower, well-defined targets using advanced drilling, completion and stimulation technology, and to exploit horizontal development of formations where feasible.
 
There are three primary targets in Capitola along with numerous secondary targets. The primary targets, which persist throughout our acreage, are the Breckenridge Lime at 4,500 feet deep, the Canyon Sand series at approximately 5,200 feet in depth and the Cline Shale at 6,000 feet deep. The project acreage is contained within two contiguous lease blocks referred to as Sweetwater (approx. 7,000 acres) and Claytonville (approx. 2,333 acres) to the north of Sweetwater. Pryme has a 100% working interest (75% net revenue interest) in the initial four wells and units drilled in the project and a 37.5% working interest (3,500 net acres) in all mineral rights from the surface through to the top of the Cline Shale (Shallow Rights) and a 25% working interest (2,800 net acres) in all other rights including the Cline Shale (Deep Rights). 

Feature: Turner Bayou Project

Proprietary 3D seismic survey targeting the Wilcox, Austin Chalk and Eagle Ford formations;
major phase oil, with some
natural gas production.

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