Crimson has over 27,000 contiguous acres in East Texas near the Brazos/Robertson County line. This acreage position was originally formed for a dual-stacked, horizontal Buda-Georgetown play which averages 180 MBOE per well. The initial production rates and average reserves in the Buda-Georgetown play yield a significant return on investment. Geologically the Buda-Georgetown is composed of a fractured carbonate reservoir. Crimson has drilled five Buda-Georgetown wells to date.
The use of horizontal drilling and advancements in completion techniques have expanded development of the Woodbine formation in Brazos and surrounding counties with impressive production results. The Woodbine sandstones are of marine-shelf origin and consist of large, lenticular bodies with an average thickness of 30-50 feet. Crimson has drilled six horizontal and two vertical Woodbine wells to date.
The combination of enhanced completion technology and the substantial hydrocarbons in place makes the Eagle Ford shale another prospective target over Crimson’s acreage position. The Eagle Ford shale is Cretaceous in age and is considered the source rock for much of the regional production. The Eagle Ford shale on Crimson’s acreage has a gross thickness of 500-600 feet with 85 net feet of interval in the Upper Eagle Ford and 125 net feet of interval in the Lower Eagle Ford. Several wells targeting the Eagle Ford shale are currently drilling or have been recently permitted adjacent to Crimson’s acreage position.
In addition to the Buda-Georgetown and Woodbine plays, the activity in the Deep Bossier and Cotton Valley play in Robertson and Leon County, Texas has developed toward Crimson’s acreage position. The initial production rates and projected reserves of the Deep Bossier and Cotton Valley wells significantly enhance the value of Crimson’s acreage position by providing another viable target. The geology in the Deep Bossier and Cotton Valley contains a shelf environment with a capping sequence of shoal water deltas and fluvial channel deposits with high constructive deltas.
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