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Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD

Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD E/2 Sec. 12, T1S, R64W – 320 Acres Adams County, Colorado E/2 NW/4 Sec. 30, T5N, R64W – 60 acres Adams County, Colorado J Sand Potential. Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD

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Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD

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  1. Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD E/2 Sec. 12, T1S, R64W – 320 Acres Adams County, Colorado E/2 NW/4 Sec. 30, T5N, R64W – 60 acres Adams County, Colorado J Sand Potential

  2. Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD E/2 Sec. 12, T1S, R64W – 320 Acres Adams County, Colorado The Dakota J Interval The Muddy (J) Sandstone of the Dakota Group is a low-permeability sandstone containing a large accumulation of gas in the Denver Basin, characterized as a continuous gas accumulation by Higley and others (2003) and as a basin-centered gas accumulation by Hu and Simmons (2001). In 1997 , a change in regulations allowed an increase in drilling density from one to five wells per 160 acres, as recounted by Hu and Simmons (2001) in their brief history of field development. Higley and Schmoker (1989) reported a porosity range from 8–12 percent, a permeability range from 0.05–0.005 md, and an average temperature of 260°F for the Muddy (J) Sandstone in the Wattenberg field. Of the subdivisions of the Muddy (J) Sandstone, the J3 unit is the main gas-productive unit. Deposited as a delta-front facies, it is described as a fine-grained, moderately sorted quartz arenite (Hu and Simmons, 2001). Based on well-log analysis, water saturation ranges from 35–45 percent in the more-productive areas and ranges from 45–55 percent in the less-productive areas (Hu and Simmons, 2001).

  3. Figure 1. Stratigraphic section for the Denver Basin, Colorado, showing the relationship of the Codell-Niobrara producing interval and the Dakota producing interval (primarily the Muddy (J) Sandstone) to respective formation names. Green text marks formations that produce oil or gas; purple text marks hydrocarbon source rocks. Stratigraphy is modified from Higley and Cox (2007).

  4. Wattenberg Energy LTD E/2 Sec. 12, T1S, R64W – 320 Acres Adams County, Colorado No J Sand or Codell Rights on 80 acres shown on NW/4 and SW/4 of the SE/4 1 2 3 4 5 6 7 8 10 9 11 12 15 13 14 16

  5. Well Status, COGCC Scout Tickets, March 2, 2012, E/2 Section 12, T1S, R68W • 1.Sevens #1, Tudex Petroleum Inc., Sussex, 4920’, P&A • 2. TudexReinholt #NC4, Schneider Energy Services, Codell, Dakota,J Sand, Niobrara-Codell, Niobrara, 8571’, Producing • 3. Reinholt#12-6, Tudex Petroleum Inc.,Sussex,5110’, Producing • 4. Lenart#S-1, Tudex Petroleum Inc., Sussex, 5133’, Producing • 5. Elms #2, Schneider Energy Services, Codell, Dakota,DSand,J-Codell, J Sand, 8683’, Producing • 6. Croff#12-5, Tudex Petroleum Inc., Sussex, 5139’, Producing • 7. Elms 12-4, Tudex Petroleum Inc., Sussex, 5207’, Producing • 8. Brink #S-2, Tudex Petroleum Inc., Sussex, 5146’, Producing • 9. Bellinger#12-7,Tudex Petroleum Inc., Sussex, 5162’, P&A • 10. Darlow#12-2,Tudex Petroleum Inc., Sussex, 5108’, P&A • 11. Barker #12-9, Tudex Petroleum Inc., Codell, Dakota Niobrara-Codell, Niobrara, 8800’, P&A • 12. Mallo#1, Tudex Petroleum Inc., Sussex, 5175’, P&A • 13. TudexRuby #S3, Tudex Petroleum Inc., Sussex, Planned • 14. Ruby #1, Schneider Energy Services, Dakota,J Sand, Niobrara-Codell, Planned • 15. DarlowUnit #12-16B, Schneider Energy Services, Dakota, J Sand, 8750’, Producing • 16. Pulis#12-8, Schneider Energy Services, Sussex, 5170’, Producing

  6. J SandLocations

  7. The Barker 12-9 is on the subject 320 acre lease. It is located at NE/SE of 12-1S-68W. It produced for 16 years before it was P&A’d. It calculates to have a 44% recovery factor on 40 acre spacing. The literature supports a 20% - 25% RF. Thus this well has likely drained more than the 40 acre spacing being nearer to 80 acres of drainage. This well was perforated from 8451’ to 8457’ (6’). It was CO2 frac’d with 300,000 #’s of 20/40 sand and gelled water. It calculates a 37,800 BOE EUR and 2138 BOE/ Acre.

  8. Barker 12-9 Reserves per Log Analysis and EUR per Decline Curve Analysis • Assumptions • The porosity is corrected for shale volume. • The volume of shale is indicated by the gamma ray log. The high and low API count used changes in each well. • The volume of shale affects the water saturation calculation. The sandstone runs from 35% to 45% water saturation but can be as low as 20%. • The temperature corrected water resistivity is .05 ohm-m. • The GOR is that reported on public records. • A formation volume factor or Z factor is not considered. • The pressure gradient is 0.68 psi/ft. • The temperature gradient is 0.019 F/ft. • The BOE calculation of gas considers 5800 cubic feet per equivalent barrel. • The decline curve assumes logarithmic decline.

  9. Barker 12-9 Decline Curve Analysis Semilog Fit – This well was abandoned in 2001 with an EUR estimated at 37,800 BOE. Production (BOE/yr) vs. Time (yr) Note on all fits , only the last two or three data sets are used. The outlying point is the cumlative production. BOE per Year Years

  10. The Elms #2 is in the subject lease. It is producing in the SE/NE of 12-1S-68W. I calculates to has a 27 % recovery factor, which is in the range the literature. This well was perforated from 8412’ to 8421’ (9’) with 2 JSPF. It was frac’d with 262,500 #’s of 20/40 sand and 2100 bbls gelled water. The BOE per acre is estimated as 10,550.

  11. Elms 2 Decline Curve Analysis Semilog Fit. EUR estimated at 114,900 BOE. This results in a 27% recovery factor of the petroleum initially in place (PIIP). The Elms 2 has produced for 22 years. The last 3 years of production are 610, 441, and 275 BOE/yr. This well is at it’s economic limit. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  12. The Darlow Unit 12-16B is in the subject 320 acre lease. It is located at SE/SE of 12-1S-68W. It calculates to have a 18% recovery factor. This well was perforated from 8445’ to 8456’ (11’) with 4 JSPF. It was frac’d with 203,900 #’s of 20/40 sand and 2700 bbl gelled water . The BOE per acre is estimated as 8149.

  13. Darlow Unit 12-16B Decline Curve Analysis Semilog Fit. EUR estimated at 59,600 BOE. This results in a 18 % recovery factor of the petroleum initially in place (PIIP). The well has produced for 8 years. The last 3 years of production are 5450, 5184 and 3326 BOE/yr. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  14. The TudexReinholt NC4 is in the subject 320 acre lease. It is located at NW/NE of 12-1S-68W. It calculates to have a 15% recovery factor. This well was perforated from 8445’ to 8456’ (11’) with 4 JSPF. It was frac’d with 203,900 #’s of 20/40 sand and 2700 bbl gelled water . The BOE per acre is estimated as 8149.

  15. TudexReinholtNC4 Decline Curve Production (BOE/yr) vs. Time (yr) BOE per Year Years

  16. Wattenberg Energy LTD E/2 NW/4 Sec. 30, T5N, R64W – 60 acres Adams County, Colorado 1 2

  17. There is no evidence of J Sand potential in this area. • Well Status, COGCC Scout Tickets, March 2, 2012, E/2 NW/4 Sec. 30, T5N, R64W – 60 acres • 1. Lion #21-30, Blue Chip Oil Inc., Codell, 7036’, P&A • 2. Lion #2, Schneider Energy Services, Niobrara-Codell, 7040’, Producing

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