Green Star Energies Acquires Fortunate Energy, LLC

Source: www.gulfoilandgas.com 3/10/2011, Location: North America

Green Star Energies, Inc. acquired 80% of Fortunate Energy, LLC. Fortunate Energy was formed in 2010 to acquire and exploit the E. J. Robicheaux lease in the Charenton Field, St. Mary's Parish, Louisiana. Jeremiah Desormeaux, President of Fortunate Energy, will remain in that capacity and continue to run the operation. The E. J. Robicheaux lease is approximately 20 acres, with an 80 acre option, and consists of five(5) oil wells and one (1) salt water disposal well.

The company plans for development of the acreage in a process that will be broken into multiple phases. Initial efforts will be focused on re-working the #1, #2 and #3 wells.

The Second Phase will be to re-work wells #4 and #5 and bring them back online. Plans for Phase Three will be to drill at least one, or possibly two, wells between wells #3 and #5 to exploit the sandbar reservoir that both wells produce from.

There are two oil columns behind pipe that show on the log for the salt water disposal well that can be reached through lateral drilling from the #4 wellbore. The company expects to drill to recover these reserves also. There are additional drilling locations on the optional acreage that is also available.

The wells are shallow, about 1,200 feet deep, and were all drilled in the early 1980's. Initial production varied between 9.7 barrels of oil per day and 36 barrels of oil per day. In 2007 the wells were shut-in following a personal tragedy in the family of the operator at the time. Fortunate Energy acquired the lease in 2010 and has invested in equipment and infrastructure in order to begin to bring the wells back online. The company is in the process of gathering bids and lining up vendors for the anticipated work.

The company believes that there is substantial opportunity for growth on the current lease as well as in the general area. The initial goal will be to re-work the existing wells and develop combined production of between 15 to 20 barrels per day.

The Charenton Field has a number of active wells that are producing in adjacent active leases at a much deeper level than has been explored for on the Robicheaux lease. Therefore, there may be additional productive zones at a lower geological level that have not been drilled to on the lease. The company plans to engage a geologist to provide a detailed geological and reserve report to best determine how to maximize production.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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