Colorado: Florence oil field under redevelopment

By OGJ editors
– Colorado’s vintage Florence-Canon City oil field averaged 631 b/d of oil in the quarter ended Mar. 31, said Comet Ridge Ltd., Brisbane.

The Florence project has produced more than 300,000 bbl of oil as of March 2011 (OGJ Online, Nov. 7, 2006). The company is completing and testing five wells drilled in the current quarter.

The oil formation is mainly the Cretaceous Pierre shale at less than 4,000 ft. The company holds its acreage, in Fremont County 25 miles west of Pueblo, through Pine Ridge Oil & Gas LLC, Denver.

Meanwhile, Comet Ridge Resources LLC signed a binding agreement in mid-May to sell its interest in the Sweet Pea exploration area in the southern Denver-Julesburg basin to an undisclosed buyer for $28.5 million. Comet Ridge Ltd. has a 17.257% equity interest in Comet Ridge Resources. The exploration area lies northeast of CRR’s Florence field.

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