PHASE I lease acquisition fur the Woodruff Prospect consists of 3,200 acres and up to 20 new well sites. The first well to be drilled is currently being permitted and scheduled to spud in December 2018.
phase II lease acquisition consists of an additional 3,200 acres. Over-riding Royalty Interest (ORRI) will be offered exclusively on a Right-of-First Refusal basis to all Phase I participants under the same terms. Wells will be drilled at a rate of 4 to 5 wells per year until all available locations have been drilled.
The primary production target is Helium. Secondary targets will include Oil, Natural Gas, Argon, CO2 and any other inert gases or rare earth elements that we may encounter.
Separation and storage facilities equipped to process all of these different gases are readily available.