Portfolio
In the Central West Texas region, Norris Industries has acquired working interests of two oil and gas production fields having proven reserves of approximately 154 Mbbl oil and 120 MMcf natural gas in Recoverable Net Reserves (PV10 report) in Coleman County, Texas from its operating partner International Western Oil Corporation which has secured several concessions covering approximately 2,400 acres in the region. Norris Industries has also acquired working interest of a production JV in Kilgore County of East Texas.
The Company is initially focused on the exploration and development of oil and gas properties in Central West Texas, with several plays in the Bend Arch / Fort Worth Basin, a region proven to have oil-rich reserves and home to drilling operations of many major E&P companies including Devon Energy, EOG Resources, Encana, and Conoco Phillips, among others. The Company is focused on identifying and developing shallow oil and gas plays (less than 5,000 feet wells), which are typically less expensive and exhibit fewer risk factors than deep wells. The Company also aiming to be an innovator in production technology, with new types of drilling fluids, new types of hydrating fluids, and a new approach to geology analysis that evaluates anomalies, reserve analysis, and channel sands in a different way – all of which the Company believes will help maximize the production from its properties.
Outside of the Central West Texas region and within the United States, the Company has accessibility to approximately 95,000 acres of large-reserve oil and gas concessions, currently under management review for acquisition efforts.
Bend Arch Lion 1A, Central West Texas
The Bend Arch Lion 1A is a 160-acre leasehold having 4 producing wells which have been drilled by our Texas-based operating partner International Western Oil.
This leasehold has been surveyed with high quality proven reserves encompassing several pay zones highlighted by the Gray Sand and in some instances the Ellenburger pay zone. The Company plans to apply a suitable EOR technology after further review in in order to increase its production. Based on our recent studies, there are the necessary inclusionary and sedimentary formations for hydrocarbon generation and deposits and geology studies have concluded that there are significant hydrocarbon reserves present on this property. With additional geology studies, we have also identified additional drilling locations on this concession.
Bend Arch Lion 1B, Central West Texas
The Bend Arch Lion 1B is a 220-acre leasehold having 6 new producing wells which have been drilled by our Texas-based operating partner International Western Oil. Our PV10 Reserves & Economics Report shows approximately 154 Mbbl oil and 120 MMcf natural gas in Recoverable Net Reserves.
This leasehold has been surveyed with high quality proven reserves encompassing several pay zones highlighted by the Gray Sand and in some instances the Ellenburger pay zone. At the moment, the leasehold has 3 producing wells out of the Gray Sand formation and 3 producing wells out of the Ellenburger formation.
The Company plans to apply a suitable Enhanced Oil Recovery (EOR) technology on the Ellenburger formation to increase its production in Q2 2016. Based on our recent studies, there are the necessary inclusionary and sedimentary formations for hydrocarbon generation and deposits and geology studies have concluded that there are significant hydrocarbon reserves present on this property. With additional geology studies, we have also identified additional drilling locations on this concession.
Marshall Walden, East Texas
Currently, the Marshall Walden field is a stable production field with 8 wellbores in Kilgore County, East Texas. Our goal is to double the current production of this lease using massive water flood method which is a proven production enhancement for the Woodbine formations.
Marshall Walden leasehold is sitting on the Woodbine formation with a history of over 4.5 billion blls having been produced since the 1930s out of 7 billion blls in reserves; and this lease is handpicked location by IWP based on production data analysis. This property has a prolific structure that contains a vast amount of commercial hydrocarbon production, having produced for over 70 years to date.