HOUSTON, June 26, 2015 /PRNewswire/ -- Fossil Oil
Company, LLC announced their first offshore drilling project set to
commence drilling operations in August
2015, offshore Galveston Bay, Chambers County,
Texas.
"For years, I have been looking for the opportunity to
participate in an offshore drilling project for our investor base,"
explained Dennis Kittler, Fossil
Oil's President. "The primary hurdle has been the enormous costs
involved in generating deep water prospects. This is why 90% of the
participants in offshore drilling projects are larger independent
and major oil companies."
After 40 years in this business, Mr. Kittler's dream came true
when Fossil Oil acquired the last Working Interest percentage in a
1,920 acre offshore State Tract called the North Eagle Bay Prospect
in April of this year. Fossil Oil's team of specialists reviewed
and analyzed all the 3-D seismic data, including the lower cost of
drilling a shallow water well, resulted in an overwhelming approval
to participate. As Managing Partner, Fossil created the
Fossil – North Eagle Bay Offshore JV – I – 2015
("Prospect").
The "Prospect" is located in 10 feet of water in Galveston Bay
on a 1,920 acre offshore State Lease block in Chambers County, Texas just 50 miles south of
Houston, TX. This lower risk
Prospect lies within the prolific Frio-Vicksburg producing trend of Southeast
Texas. The Prospect was generated using a 30 square mile 3-D
seismic survey covering the Western
Galveston/Trinity Bay 3-D
area. This ultra-high-resolution 3-D data was just
reprocessed with the newest 3-D seismic software by Geotrace
Technologies of Houston.
"This Offshore Project has tremendous economic potential. Fossil
could possibly drill 3-4 additional Wells," clarifies Fossil
President, Dennis Kittler, "and that
each well could reflect the anticipated initial production rate of
1,250 Barrels of oil/condensate and 22 Million Cubic Feet of
Natural Gas each day. Many of the surrounding wells drilled to this
"Prospect" have done this repeatedly."
Fossil Oil's geophysicists, geologists, and engineers have
projected that a new field discovery well could encounter as much
as 24.7 Million Barrels of Oil and 102.6 Billion Cubic Feet of Gas
to the 100% ownership.
For more information on this current investment program, contact
Amanda Garcia at
Amanda@fossiloil.com. For more information on Fossil Oil Company,
visit www.fossiloil.com or call (713) 978-7986.
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SOURCE Fossil Oil Company, LLC