Riverdale sees 'substantial' oil and gas reserves at Foster in South Texas

Source: Riverdale Oil and Gas Corporation

Riverdale Oil and Gas Corporation (PINKSHEETS: RVDO) has confirmed substantial shallow reserves in numerous oil and gas reservoirs at depths from 3600 to 6000 feet, during recent testing on its 631.82 acre Foster Lease, situated in Jim Wells County in south Texas. 

The primary focus for oil and gas development on the Foster Lease had been in the deeper, geo-pressured formations below 6000 feet, initially drilled in the mid 1980s. The shallower Miocene and Frio reservoirs have been virtually untouched until the recent reworking attempts made in the Foster #5 and #6 wells, which tested both oil and gas in numerous reservoirs. Poor cementing of the production casing, by the initial operator, has made it difficult to make an adequate completion in the shallower reservoirs. 

A new well, Foster #7, has been proposed to drill and test the shallow reservoirs under the Foster Lease, between the Foster #1 and #4 wells. There is excellent information from mudlogs taken during the drilling of those wells that oil, gas, and condensate exist in numerous sands in both the prolific Miocene and Frio formations. There is also excellent subsurface, geologic control, which defines the shallow reservoirs, and indicates a large structure, which should contain billions of cubic feet of natural gas, with substantial condensate and oil accumulations. 

Besides its shallow reservoirs, RVDO has large, proven undeveloped reserves of oil and gas remaining under its Foster Lease. The development activity to date has been conducted only under the western portion of the Foster Lease. The 5 wells that were drilled to the deeper Yegua formation sands have under-performed, delivering only 1.7 billion cubic feet of gas compared to the 20 to 30 billion cubic feet of gas that have been produced in fields in close proximity. 

Through a methodical development operation, RVDO expects to see a multi-well program, in multi-pay reservoirs, designed to target specific depth ranges, under its Foster Lease.

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