Permian Basin is no stranger to anyone following the production of oil and gas for many years. The basin is named for the Permian geological period and contains some of the world thick deposits of rock from that period, from about 250 million years. They are filled with rich deposits of oil and natural gas. When Texas became the dominant state oil producer in the nation of more than 100 years ago, a lot of easy-oil extracted from shallow wells in the Permian. Until now, it is estimated that nearly 30 billion barrels of oil and about 75-trillion cubic feet of natural gas have been extracted from the Permian Basin.
When the easy oil has long-since taken, Permian largely abandoned, think most will dry. Except for oil which is known to be present in some formations ultra-dense shale rock layers of various depths of the Basin.
When Texas oil businessman, George Mitchell, decode of hydraulic fracturing, Permian almost overnight revive as playing the hottest in the country. One of the advantages of the Permian basin, now that shale extraction viable, are several zones of oil-rich shale. There are six main zones in the Permian: Wolfcamp, Sprayberry, Bone Spring, Glorieta and Yeso and Delaware. Cline formation side, east of the six zones of the Permian, also has been labeled by the Energy Information Administration (EIA) as a rich layer of other productive oil shale.
Patriot Energy has a unique opportunity to have acquired 4,000 acres of prime in the Permian, with direct access to the two largest shale formations in the valley - the Wolfcamp and Sprayberry payzones. We are in the process of adding wells in this area to keep that area, which we believe has tremendous potential for our investors.
Patriot Energy provides access to this legacy field to accredited private investors, corporations, partnerships, foundations, endowments and others who are interested in investing high quality oil and gas.
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