Eco-Trade Corp. (OTCQB:BOPT), which previously announced a letter of intent to develop the South Bakken Prospect, today highlighted some of the key findings about the Prospect’s advantages including:
a) It is located in the prime thermal maturity zone, where Vitrinite Reflectance (Ro) is between 0.7% and 1.5%. This is where oil generation in the Bakken is at its highest level.
b) The Bakken is relatively shallow in the prospect area. In a key well, the Krone 31-32 on the north side of the prospect, the Bakken is at 6,896’, has 400 ohms of resistivity, and Total Oil Content > 10%. To the southwest of the Krone 31-32 is the Steinbach # 1 that has 2,000 ohms of resistivity in the Bakken. These are among the best resistivity readings recorded in the Bakken Fairway.
c) The 5,806 net acres of South Bakken Prospect mineral leases are in the immediate area of the key wells with the best resistivity and vitinite reflectance, the Krone #31-32 and the Stienbach # 1.
d) The essential Middle Member of the Bakken, the Sappington Silt, is well developed and up to 30’ thick, with porosity between 3-15%, and permeability up to 20 md.
e) Major oil companies are aggressively purchasing mineral leases and drilling in the Bakken Fairway including Rosetta Resources, which has drilled over 6 exploratory wells and confirms
"significant oil hydrocarbons in place, 13-15 MMBOE per section, and over-pressured reservoirs"
f) Analyst Wood Mackenzie estimates that there is 2.3 Billion BBL to be recovered in the Bakken Fairway, and concurs with Rosetta that there is 10-15 MMBO per section recoverable. (Source Alberta Oil
g) The prospect area is easily accessible, serviced by many highways and nearby towns, and the land itself is largely gentle rolling hills.
h) Drilling depth for much of the area is 8,000 feet or less, and drilling costs will be less than a third of a Williston Basin well.