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The primary objective in the Castle Prospect is the Gunsite Limestone. It is found in separate sand lenses within the Gunsite Limestone at depths of 800’ and 1,000’. Either or both of these 2 sections can produce commercial quantities of oil. The Gunsite Lime is usually 12’ to 35’ thick and produces best where the sand deposits are porous and permeable.
Gunsite wells in the area around the Castle Prospect produced oil in amounts not indicitive of their shallow depths. The gunsite formation produces very significantly in the surrounding from many wells. The Gunsite producers do have a steep production decline curve producing 75% of their reserves in the first 5 to 7 years of production but the wells can produce for 50+ years at 1 to 2 BOPD. The 3 well Castle Prospect will be drilled by Rare Earth Exploration using their newly acquired Ingersol- Rand Drilling rig. The wells are drilled and tested in as little as 3 to 4 days and an additional 7 to 10 days are needed to finish completion on each well.
Once electricity has been ran and wired up the oil will be pumped into a central tank battery that includes four 210 barrel oil storage tanks and one 300 barrel water storage tank. A saltwater disposal well is actively taking water currently that we will have access to for water disposal.