Rusty Creek Prospect
Located
in Niobrara County, Wyoming, this oil lease encompasses 1,600
acres currently with one producing well and one re-entry well
opportunity. The producing well, when drilled back in 1997, yielded
as much as 1,500 barrels per day for the first 90 days with a
subsequent decline curve over the last ten years to still yield
over 300 Barrels per month at the present time! Recent research
by the Platina team into the field well formation has discovered
an alternative possible pay- zone in the Dakota sands.
Efforts to re-enter the non-producing well to explore the Dakota
sands potential are currently under way. There are additionally
another 20 drilling sites on the property for which the Company
is evaluating participation. Additional data on the plans for
this field will be available in the near future.
Unlike most of Platina’s other holdings, it is not the
operator or coordinator for the development of the target wells.
Platina has agreed to possible participations on a first right
of refusal basis as the project manager moves ahead but has committed
to participate in the re-entry well.
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