PetroTerra Corp has acquired a 100% working interest and 80% net revenue interest in the Sevier and Beaver Oil Project and the three associated leases. These leases cover 5950.54 gross acres in Sevier and Beaver counties along the Central Utah Thrust Belt, a structure known for geology conducive to oil and gas reservoirs. Our main play will comprise the Sevier Prospect on the two Sevier County leases. The single Beaver County lease contains a large lead with multiple targets that also requires further evaluation. Access is gained through U.S. Interstate 70 and the terrain is generally benign, rural, and uncultivated.
The company’s Sevier Prospect acreage will lie directly southwest of Wolverine’s highly productive oil reservoirs — Covenant Field and Providence Field — at a distance of 18 and 33 miles, respectively. These fields all have a large oil-producing reservoir trapped in thrust-related structures; these are prolific thanks to the Navajo/Nugget sandstone formations reaching more than 1,000 feet in thickness with excellent reservoir conditions.1
The EURs that were calculated using 40-acre spacing, which is consistent with the analogous Covenant Field, can be seen in Table 3. The calculated low case EUR was applied to the low case acreage over a 40-acre spacing to obtain an optimum 20 wells that would produce 11.5 million barrels of oil. The same method was applied to the best case and the high case scenarios.
Details of these projects can be found in the MHA Report on Sevier and Beaver Prospects, pgs.3-22.
Figure 4 From Picard, Isopach thickness of the Navajo Formation.
The Jurassic Navajo formation in the Sevier Prospect is the major initial target for further study and exploration. Thrust structures are by nature very complex but MHA states that it is reasonable to interpret an anticlinal structure beneath PetroTerra’s leases that could be prospective.6 Secondary targets at the Sevier Prospect that have not yet been proven to have trapped commercial hydrocarbons in the immediate area but are productive elsewhere thus have potential if they were to contain hydrocarbon traps, include Twin Creek, Cedar Mesa, Redwall, Monte Cristo, Jefferson and Tapeats.7
Based on limited well and outcrop data, the Beaver Prospect appears to lie on a large anticlinal structure at the Navajo formation level. As data becomes available and the lead matures it is assumed that a fully developed prospect can be defined.8
The land position comprises a 100% working interest and 80% net revenue interest in almost 6,000 acres located in the Beaver and Sevier County regions of south central Utah.
Sevier and Beaver Oil Project
PetroTerra’s Sevier and Beaver Oil Project is located 20 miles from Wolverine's Covenant Field.
The area is easy to access via interstate highways 15 and 70, and by excellent all-weather Country roads. The Salt Lake City, Utah, refinery is only 150 miles north of the Sevier and Beaver Oil Prospects.
PetroTerra’s leadership and technical team will take all the conclusions and recommendations of the MHA evaluation into consideration to create a detailed, but flexible, step-by-step exploration plan that allows for informed key decisions points to occur throughout the evaluation process. The goal will be to create a series of prospect maps from all relevant data that we collect and technically evaluate. This hopefully will allow the Company to capture any opportunities as they arise. PetroTerra hopes that with a step-by-step work program which aims to identify and understand risk, one or more drillable prospects may be delineated on the acreage. Here we have produced a PDF of our Exploration Procedures and Generalized Sequence of Events for evaluating the Sevier Prospect.