Oil and Gas Production
Posted August 5, 2014
The Lampley 1R well, in Lavaca Co., TX, is still producing steadily at a rate of 200 MCF gas per day from a shallow gas reservoir at 1700 feet in depth. Riverdale owns a 1.667% working interest and a 1.25% net revenue interest in the well. The well has not exibited any production decline since May 2014
The Koomey Lease in Waller Co., TX is producing from 2 wells in the Catahoula formation from depths at 2200 Ft. The wells are produced alternately allowing better drainage. Riverdale has a 5% working interest in the wells, which generate a load of oil (approx. 155 barrels per month).
The HitzCal Project, in Frio Co., TX, has one well producing from a shallow formation, at 3 to 4 barrels oil per day. The 3D seismic data has been re-processed and there are strong indications of deeper potential on the Hitzfelder and Calame leases. A well is being proposed to a depth of 7,000 feet on the Hitzfelder lease, in the proximity of 3 wells that have produced more than a total of 400,000 barrels of oil from 3000 feet in depth. The new drill is scheduled to commence prior to September 2014. Riverdale has a carried working interest of 2.5% in the HitzCal Shallow Project and a 1% Carried Interest in the first well to the tanks in the HitzCal Deep Project.
The Stowe #5 well in Waller Co,. Texas, which Riverdale owns a 3% working interest and 2.25% revenue Interest, has been completed and is producing 40 to 50 barrels oil per day in this very early stage. The well is still cleaning from setting a sand screen to contain the highly porous and permeable Catahoula Sand. A more complete test will provide its true production potential.
Riverdale has launched its RVDO 2014-1 Program, effective January 1, 2014 and has been extended to December 31, 2014, or until fully subscribed. The RVDO2014-1 Program information can be found on the website www.rvdo2014-1.com. We feel this type of program can provide Riverdale with the capital it needs to build its asset base in oil and gas. This program will also allow Riverdale to participate in prospects and production acquisition; and, to generate prospects with the goal of maintaining an interest in the prospects once they are marketed to the oil and gas industry.