Kroh Exploration Acquires 18 Wellbores in North Texas and Plans to re-work the 1st three to produce oil.
Online PR News – 21-August-2020 – Fort Worth, Texas – In pursuit of "Black Gold!" That's the mantra many oil wildcatters live by. Brett Kroh, CEO of Kroh Exploration, has a different philosophy; "I'm looking for wins, not swing-for-the-fence wildcat drills. With oil prices between $20-$40 per barrel, we can acquire existing wellbores that have behind-the-pipe production potential left over from the original drill. These wells cost way less to acquire and generally, can be re-worked or re-completed at a fraction of the cost of a new drill with less dry-hole risk."
With that in mind, Kroh acquired 18 existing wellbores in North Texas with plans of reworking the 1st three after financing has been secured. We have selected the 1st three of our best wells utilizing thorough analytical processes that include in-depth analysis of past production, geological evaluation, and reservoir assessments along with many other criteria.
During the selection process for this prospect, we were looking for wells that have the realistic potential to produce a or 3: ROI within 5 years, and cash-on-cash within the 1st 12-18 months; even at $1.40 gas and $20 oil.
Partner and Vice-President, Jeremy Yowell, mirrors Brett's thoughts; "I'd rather be a bottom-feeder and eat, then go for glory and come up dry!" JB Yowell has been in the oil business for nearly 20 years, selling Yohawk Energy in 2017 to Harris Energy Partners.
The 1st wells include the Vanderbeken #1, Homeplace A1 and Werner V#1 which will begin recompletion in the 4th quarter of 2020.
For more information, visit http://www.krohexploration.com