%3D Profiled company: Gray Fox Petroleum Corp (GFOX) ~~~~~~~~~~~~~~~~~~~~~~~~~~
Gray Fox Petroleum Corp (GFOX) is an oil and gas exploration and development company focused on expanding the 135+ year tradition of Western US energy production.
Last Friday, GFOX announced through an 8-k filing that it completed the acquisition of 22 separate oil and gas leases issued by the Bureau of Land Management for the U.S. pursuant to a Lease Purchase Agreement with FFMJ, LLC.
The leased land comprises 32,723 acres in the Butte Valley Oil Play Region in north central Nevada. GFOX has a 100% Working Interest and an 82% Net Revenue Interest in the leases, according to a Dec. 6 filing.
GFOX made the final payment of $75k into escrow on October 23, 2013 and requested approval from the Bureau of Land Management for the U.S. to the assignment of the Leases from FFMJ, LLC to GFOX, the Dec. 6 filing stated.
On December 2, 2013, GFOX received confirmation of the BLM`s approval of the assignment of the Leases. At that time, the money was released from escrow and the lease purchase was consummated, the filing stated.
Overview of the West Ranch Prospect The West Ranch Prospect is comprised of 22 Federal leases in the Butte Valley Oil Play Region of north-central Nevada, in Elko and White Pine Counties, 50 miles north of Ely, NV.
The prospect is also located ~100 miles north of Railroad Valley`s oilfields and ~60 miles east of Pine Valley`s oilfields, which have produced a combined 50+M barrels of oil (MMBO) in Nevada from structures and reservoir horizons similar to those under the West Ranch Prospect, according to GFOX`s Web site.
A report on the project by Stewart A. Jackson, Ph.D, P.Geol, P.Geo (May 2013) concluded the West Ranch Prospect represents “an excellent structural and stratigraphic combination for large scale oil and gas discovery,” GFOX`s Web site states.
“According to the report, the West Ranch Prospect is located in a prolific oil generating basin and offers attractive oil discovery potential within multiple prospective horizons over 2 large anticlinal structures: the Mississippian Diamond Peak sandstones and the Devonian Guilmette dolomitic carbonates.” GFOX is currently developing an initial exploration work program to further assess the prospect`s resource and production potential, the company`s Web site states.
Activities being considered include geological mapping, gravity surveying and additional seismic coverage to inform the location of drill targets focused on the peak of the structural closures.
Nearby production In 1982, Amoco Production Co. drilled and completed the Amoco Blackburn No. 3 well approximately 57 miles to the west of the West Ranch Prospect in Pine Valley, Eureka County, according to GFOX`s Web site.
At year-end 2012, the Blackburn Field had 4 producing wells, and represented cumulative total production of 5.48 MMBO.
Roughly 9 miles north of Blackburn on the Elko-Eureka County border is the North Willow Creek Field, which began production in 1998, and produced a total of 51,142 barrels of oil.
Roughly 19 miles north of Blackburn is the Tomera Ranch Field, which began production in 1987. At year-end 2012, Tomera Ranch had 1 producing well, and represented cumulative total production of 44,471 barrels of oil.
Why Nevada Today, Nevada is considered to be the latest US frontier area for oil and gas exploration, and exploration in the region of the West Ranch Prospect includes several active groups, according to GFOX`s Web site.
Significant landholders in Nevada include EOG Resources Inc., with 75,885 acres as of 2006; Cabot Oil & Gas Corporation, with 65,260 acres as of 2009; SM Energy Co., with 197,634 acres as of 2011; and Newfield Exploration Co. with 91,000 acres as of 2008, according to GFOX`s Web site.
Nevada`s energy industry had been developing ever since Shell had drilled the Eagle Springs No. 1-35 well in 1954 in Railroad Valley, Nye County.
Ongoing exploration in Nevada led to more discoveries in Railroad Valley, including the 1983 discovery of the Grant Canyon Field. For a time, Grant Canyon #3 was the most prolific onshore well in the continental US, producing up to 4,300 barrels of oil per day, according to GFOX`s Web site.
As of year-end 2012, the Grant Canyon Field had produced in excess of 21 MMBO.
In 1982, the Blackburn Field was discovered in Pine Valley, Eureka County, Nevada (roughly 100 miles north of Railroad Valley).
By year-end 2012, the Blackburn Field represented total cumulative production of 5.48 MMBO. Also in Pine Valley, the North Willow Creek Field and Tomera Ranch Field brought Pine Valley`s total cumulative production to date to 5.58 MMBO.
To learn more about GFOX`s prospect, people and potential, visit: http://grayfoxpetro.com/
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