Black Gold Exploration ( BGX ) has started drilling the Fritz 2-30 well in Clay County, Indiana. This hydrocarbon exploration project in the Illinois Basin has a history of producing up to 12 million barrels of oil per year.
High-yield drilling in the Illinois Basin
BGX has acquired a 10% interest in this well and has the option to expand to future drilling in an area of 210 acres. This operation is managed by Adler Energy , a company specialized in exploration and development of oil fields.
The Fritz 2-30 well is located in close proximity to the Fritz 1 well, drilled 17 years ago, which identified significant productive horizons, although it was never exploited due to economic factors at the time. Now, with modern technology and favourable oil prices, the project seeks to unlock that untapped value.
The operator has conducted three-dimensional seismic analysis over an eight-square-mile area, revealing multiple high-porosity producing zones. These include the Devonian , Trenton , St. Peter Sand , Black River and Knox , with potential reserves.
Based on the 3D seismic and other data we have collected, our experienced technical team could not be more excited about the Fritz 2-30 well and we are very pleased to be working with BGX to uncover what we believe is tremendous untapped value.
John Miller, president of Adler Energy.
We believe drilling in this region is the Company’s most significant near-term milestone to date and we are delighted to have the opportunity to participate in the well, which not only provides us with the potential for early cash flow but is also aligned with our long-term plan to expand our presence in the Illinois Basin.
Francisco Gulisano, CEO of BGX.
With a combination of advanced technology, technical expertise and a strategic focus on reservoir exploration , BGX and Adler Energy seek to capitalize on the potential of the Illinois Basin, bringing value to both their shareholders and the broader oil industry.
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Source: BGX
Photo: Shutterstock
