AREA OF OPERATIONS
OVERVIEW
The East Texas area that Iron Ridge focuses on comprises the Brookeland and Magnolia Springs Field that are productive from the Austin Chalk. Underlying the Austin Chalk is the prolific Woodbine payzone.
Recent outstanding well results have brought the Austin Chalk back into the forefront of development, with wells projected to make over 500,000 BO and 10 BCFG. These recoveries are driven by Gen-3 completion techniques, used in this area for the first time just a few years ago. This has proven up a surprisingly large area of Top Tier acreage. Iron Ridge Operating and it partners got in front of the play and leased some of the most prospective mineral rights.
EXISTING FOOTPRINT
Drawing on our extensive history of operations in the area, we are poised to become one of the most important participants in the trend. Our footprint literally spans across three counties.
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Scientific database – we have a proprietary database of well information, gained through participation and operations of over 100 horizontal Austin Chalk wells.
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Operations – Matt Telfer and our operations personnel forged a culture of safety in the East Texas area through years of monthly field-wide safety meetings. Matt Telfer spoke at nearly every meeting to build on the culture that Iron Ridge Operating’s employees worked hard to build. This culture remains today and we continue to build upon it.
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In order to be the most successful in a horizontal drilling play, the drilling operations need to stick to basics such as fast vertical drilling and then building a smooth curve prior to setting intermediate casing. The horizontal lateral should be guided by seismic with a limited number of deviations to avoid torque and drag issues. This is made possible by wider target windows, compared to those used in the past.
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Directional drilling equipment and techniques have improved over the past five years to make longer laterals possible.
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Targeted lateral lengths of 9,000’ will be the norm, giving 8,500’ of stimulated lateral. TD decision-point parameters will be pre-set. This allows access to 400 acres of reservoir drainage based on 500’-1,000’ fracture half-lengths. The fracture half-lengths will be aided by natural fractures and a strong stress field.
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Managed Pressure Drilling, Rotary Steerables and Oil Based Mud can be used effectively to reduce days on hole in the curve and lateral. Staying away from areas of significant depletion from nearby wells is essential to prevent lost returns and to maximize recoveries.
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We think that wells in less-challenging areas of the play, using cost-cutting measures can be completed economically.
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The economic sensitivity of this lower cost is such that an operator can gain a significant competitive advantage, leading to additional opportunities.
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Iron Ridge Operating has drilled over 40 Austin Chalk multi-lateral horizontal wells (80 laterals) and over 20 deep (12,000’-14,000’) overpressured Woodbine wells in East Texas.
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We bring assets and extensive knowledge of drilling and completion techniques, vendor contacts and regulatory environment.
ORGANIZATION READY TO SCALE
Iron Ridge Operating has a core staff of geology, land, engineering, accounting and finance who use state of the art tools to expand their abilities. We have been on the forefront of new and better technologies, and many times we have been industry first movers.
We have derived important petrophysical data to allow us to high-grade the Chalk Trend. Our understanding of the Woodbine is evidenced through our geological / geophysical models and understanding of the depositional system.
Together, the Chalk, Eagle Ford and the Woodbine make up a World-Class petroleum system, which has resulted in billions of barrels of oil production, with many billions of barrels and TCF of gas remaining to be found (USGS, 2020).