Nakoma Petroleum – Activity:
In the summer of 2010 Nakoma began drilling in the Bakken shale. Our first well, the Vandal #1 was a success. Producing over 35,000 of oil in the first six months. It is currently shut-in for repairs to increase daily flow rates. Our next two wells, Rascal #1 and Scoundrel #1, have been completed to a depth of 13,700’ and are waiting on a service company (Halliburton) for hydraulic fracture.
Beginning the 1st quarter of 2011 Nakoma will drill three wells back-to-back for the Eagle Ford shale. The company has a 20% Working Interest in this acreage.
The U.S. Geological Survey, a division of the U.S. Dept. of the Interior, estimated that the Bakken Shale formation located in Montana and North Dakota holds 3.65 billion barrels of oil and 1,85 trillion cubic feet of gas.
The Eagle Ford shale is located directly below the Austin Chalk formation. It starts near Laredo, TX and trends east and north up to and including Milam county Texas. It is arguably the hottest hydrocarbon play in the U.S. Some of the companies active are Chesapeake Energy with around 550,000 acres and EOG Resources whose CEO recently said the Eagle Ford shale “..will prove to be one of the most significant United States oil discoveries in the past 40 years.”
CNOOC, Ltd. China’s top offshore oil producer recently paid Chesapeake $1.1 billion for a 33% stake in the Eagle Ford. In addition, they agreed to fund 75% of Chesapeake’s share of the drilling for an additional $1.08 billion.
The exclusive focus of Nakoma is acquiring leases, exploring, developing and producing oil and gas from natural resource plays across the continental United States.
The Big Sky Bakken program has leased over 16,000+ acres and growing every day. Slawson Exploration, one of the most experienced and successful Operator in the Bakken, estimates 20,000,000 barrels of oil could be found on this acreage. As many as 20-40 wells could be drilled on these leases.
The reserve estimate for our Eagle Ford shale prospects is over 1,500,000 barrels of oil. The first three wells will begin drilling back-to-back in late 1st quarter of 2011. The company is currently negotiating to acquire leases in the fairly new Utica Shale play. Utica is a natural gas producing formation in the province of Quebec, Canada, New York and northern Pennsylvania. Reserve estimates are over 20 trillion cubic feet of gas.
Nakoma has been very successful at identifying and acquiring quality properties. Then exploring and developing those opportunities that will be worth tens of millions of dollars in the coming years. The company intends on continuing to do what it does best. Nakoma has already developed a large network of oil companies that have medium to large positions in the above listed resources plays.