Rock Energy Resources (RCKE) is an independent gas and oil company based out of Houston, Texas. In the early 1980’s, many independent companies abandoned prospective wells in the United States and turned to international and offshore opportunities. Rock Energy is taking another look at these untapped resources and is focused on acquiring the domestic offset and existing wells that show potential.
Rock Energy has an established set of criteria when evaluating prospective wellsites. The team utilizes the most advanced 2D and 3D imaging, micromagnetics and other interpretive tools to help uncover opportunities. Typically, properties must pass a minimum ten-times-return payoff to even be considered for development. The company’s objective is to develop onshore oil and gas sites that will not only pay off, but will pay off well. This is where the company’s dynamic duo performs their magic in the field. One team member is a “wellsite evaluation guru”, while the other has a 25-year track record in exploration.
The prospecting group is not the only one with years of experience to draw from. The expertise of the entire team of professionals at Rock Energy covers every niche of the oil and gas exploration and production industry. Rock Energy’s three key principals alone bring in a combined 50 years of experience in the industry. From project management to engineering, drilling to investments, and geophysics to accounting, all team members bring proven track records to the table.
Rock Energy currently has sites in Colorado County, Texas, and Santa Barbara, California. Rock Energy has a 100% working interest (WI) at the Pintail #1 site located in Upper Wilcox of the Garwood Field in Colorado County. The site has produced an initial flow rate of 300 MCFD (thousand cubic feet per day) and will payout by mid-September. The company is evaluating 8 square miles of 3D seismic overlay on the project acreage and has leased an additional property for drilling. The company also has a 100% WI in Pintail Flats #1 located in the Lower Wilcox of the Garwood Field in Colorado County. Subsurface mapping and 3D seismic data show the potential for 7 additional wells at the site, with total potential reserves of more than 5 BCF. Finally, Rock Energy has a 7% WI in both Orcutt and Casmalia Diatomite fields in Santa Barbara County, with an option to acquire 20% working interest at both sites.
Rock Energy’s unique approach of assessing abandoned sites is one that may help relieve the U.S. reliance on international oil and gas resources. As the initial sites move into production, Rock Energy plans to continue acquiring additional untapped resources and expand its revenue base.
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