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.

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