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559 Producing Shallow, Upper Devonian Oil Wells For Sale
For sale all its oil and gas producing assets located in Clearfield, Jefferson, Clarion, Venango, and Forest Counties in Northwest Pennsylvania. Legacy is also offering for sale 2 parcels of real estate property, located in Venango County, PA and owned by Legacy .
Legacy’s Oil and Gas production assets include:
1. 559 producing shallow, upper Devonian oil wells, complete with all producing facilities; tank batteries, pipelines, etc. These wells are in Venango and Forest Counties, Pennsylvania .
2. 2 EPA permitted injection wells located in Forest County, PA. Well # 262 is permitted to inject 4,560 bbls. Per month of produced brine from all of Legacy’s(Devonian asset) shallow oil wells. This asset has all the surface and downhole equipment in place and can inject all the produced brine. Latshaw #9 injection rate is 65 -70bbl a day, all production fluid from Stonehaven Energy wells can be injected for disposal .
3. Forty (40) producing upper Devonian gas wells complete with all producing facilities, separators, gas meters, brine tanks and pipelines marketing the production through Dominion, Peoples and National Fuel gathering systems. These wells are located in Jefferson and Clearfield Counties, PA.
4. 124 producing shallow upper Devonian (Speechley) gas wells, some equipped to pump any produced fluids, others are bailer wells where fluids are removed with a small service rig to bail. Produced fluids are hauled to a central tank battery where oil and water are separated and stored. Along with all drips and pipelines, these wells are located in Forest, Venango and Clarion Counties, PA. This natural gas is high BTU gas and is processed prior to entering National Fuel’s gas supply system. The natural gas processing plant and liquid extraction, capable of processing up to 1,500 MMBTU’s per day, Located at Van, Cranberry Twp., Venango County, PA .
5. From April 2021 thru October 2022 the properties have produced the following:
a. 65,258 MCF natural gas.
b. 9398 Barrels of Y grade liquids.
c. 4298 Barrels of crude oil
d. Net production revenue – $948,249.43
Real Estate Property Assets:
.3- acre tract located in Cranberry Twp, Venango County, PA has 10×20 building housing injection pump etc. for Latshaw #9 injection well.
. 2-acre tract located in Cranberry Twp., Venango County, PA has a 1,500 sq. ft. metal building that houses the natural gas compressor at Van gas processing plant.
These properties offer upside potential:
1. Treating the oil wells with combination of injecting air and solvent on scheduled intervals has proven to enhance oil production over a period of times that on average give a good return on the expense. The Thompson oil lease is currently 60 percent online, repairs to infrastructure, surface equipment, and some workovers are need for remaining wells. Economics justfy all repairs in this area
2. Utilization of the extensive infrastructure in place with over 600 oil wells PUDs on acreage held by production
3. All oil wells are gathering well head natural gas through a separate gathering system. This natural gas could be reinjected to possibly enhance oil production .
4. Natural gas production could be enhanced from the Speechley gas wells with a routine pumping and bailing program in place. This has been proven over and over in the past. Additionally, a very small gas compression could be installed in the gas gathering system that could reduce line pressure to production that is not on the gas plant vacuum. Rig less production enhancements with utilization of Gas Sticks and nanoparticles. 2 wells were treated with nanoparticles with a 60 percent increase in pressure at surface and maintaining .
5. The upper Devonian gas wells located in Jefferson and Clearfield Counties, PA. could have production enhanced through a routine fluid removal by either soaping the wells or utilizing a small swabbing unit. thus again has proven beneficial in the past. rig less production enhancements with utilization of Gas Sticks, nanoslick, very cost effective, estimated increase 50 percent overall .
6. Warren Lease need minor repairs electric repairs, workovers, 90 percent of the 120 wells can be tuned online. Estimated production is 120 to 150 mcf in gas and 300bbls a month of oil, past production proves estimates. A small natural gas compressor could be set mid field to reduce gas pressure to increase oil production. 2 drilling locations are available at Department of Public Works with no site fees, DPW #5 has been drilled, logged, gyro logged, rods, tubing, surface equipment are in place but needs completed. Infrastructure is in place for these wells. Please note these wells are to be drilled diagonally at 20 degrees .
7. Utilization of Legacy’s bailing rig, needs minor enhancements to make a complete pulling-bailing unit for shallow oil/gas wells. Currently operational for Bailing, would nee