Black Raven Energy buys stake in DJ Basin oil field

Source: Black Raven Energy

Black Raven Energy, Inc. has completed the purchase of an 80% working interest in the Adena Field, consisting of 18,760 gross acres in the DJ Basin of Morgan County, Colorado, for a purchase price of $15.75 million. 

Serving as operator of the Adena field, Black Raven has entered into an agreement with a strategic partner which will provide geological, engineering and management services associated with this project and will earn 24% of the company's working interest after payout of all costs, including financing. 

The Adena Field produces oil from a waterflood in the J sand and conventionally from the D sand. The Company estimates that the proved and probable oil reserves associated with this field are in excess of 3 million barrels from both formations. In addition, a gas cap in the J sand is estimated to hold more than 3 billion cubic feet of recoverable natural gas. 

Having produced 75 million barrels of oil equivalent from the J sand since its discovery in 1953, the Adena Field is one of the most prolific oil fields in the history of the D-J Basin. The majority of this field was abandoned during the mid 1980's after oil prices collapsed, and only a small portion has been re-activated. The Company intends re-activate the J sand waterflood and exploit the D sand, which has been largely untapped. 

Black Raven Energy is an oil and natural gas exploration and production company with approximately 200,000 net acres leased in the D-J Basin of Colorado.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs