Lost Lake/Goose Creek Project
Mature legacy assets with ability to quickly restart production in low cost region.
American Patriot controls the majority working interest and between 75-81% net revenue interest in the Lost Lake and Goose Creek projects, which cover 340 net acres in the Harris and Chambers counties of Texas.
- Production is currently shut-in but can be quickly restarted to 50bopd
- 1P proven reserves of 244 mboe
- 65 oil wells all producing from Miocene zones/Salt domes at depths of 1200-3860 feet
- Operating costs in this region are around $22/bbl, making wells economic at low prices
- Cumulative production of 3.1 mmbl oil /230 mmcf gas since the 1950s
- The primary focus is to return the shut-in wells to production and rework behind pipe zones
- Existing 2D seismic has identified 8-10 additional infill drilling sites
- Infill drilling to target 50-100 boepd per well
- Wells are fully equipped with pipelines and existing infrastructure in place