• The Lerma lease is prospective for oil in the Austin Chalk, Buda and Anachaco formations.
• The December 31, 2017 51-101 Independent Reserve Report assigns 74,460 barrels of oil reserves.
• Several wells in the area targeting the Buda formation have produced over 100,000 BOE;
• In addition, wells very close to the AOC lease targeting the Anachaco formation have produced over 267,000 BOE.
• Several Austin Chalk formation wells produced oil nearby.
• Recompletion by frac’ing of the Austin Chalk zone in the Lerma #2 well completed September 2017 and flowing oil to surface.
• Two additional wells previously drilled on the property have potential to be re-entered and re-completed;
• The current Private Placement includes plans to drill a new vertical well to test a seismically defined structure offsetting the current producer.
• Evaluation of the Austin Chalk formation oil potential on the AOC lease.
• Evaluation of the Buda oil potential.
• Evaluation of the Anachaco oil potential.
Recent Lerma Press Releases
Nov 20th, 2017
Advantagewon Oil Corp., Settles Claim and Acquires Lerma Lease Interest.