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Operations | Activities
| Current Projects
North America
Current Projects
Since Petron was formed in June 2006, it has closed transactions
and is negotiating participation in several projects. The projects listed below are currently in our portfolio.
Forest City Basin CBM - Petron is operating a potentially significant new CBM field discovery in the Forest City Basin of eastern Kansas and western Missouri. Petron has taken over operations of a
51,000-acre land position in a shallow CBM play with the potential of acquiring an additional
66,000 acres. Twenty-five wells have been drilled, five
of which are producing; the remaining wells are awaiting
completion. Petron believes there could be over 1,300 wells drilled in this project.
Barnett Shale - Petron is closing the purchase of a 75% working interest in
about 58,000 acres of shale gas properties located in the Barnett shale play of North
Central Texas. Petron is in negotiations with its future partner for an estimated buy-in acquisition price of $15,000,000.
Green River Basin - Petron has acquired 90,000 acres of leases in Wyoming that have both coalbed methane and shale gas development potential. This project has over a Trillion Cubic Feet of gas in place. The coals are up to 100 feet thick and the fracture shale is up to 600 feet thick.
Future Projects
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CBM projects in Appalachia, Mid Continent, and Rocky Mountain area |
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Canada CBM gas project in Alberta |
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Water resource project in West Texas to commercialize a shallow water aquifer |
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International
Service Contract - Petron is closing services contracts to provide technical services and project management for investment groups on CBM properties in China and France. A specific license area acquired by this investment group in China has been extensively studied by the Chinese government and a technical team contracted by the investors. This license area has been determined to be one of the most prospective CBM project areas in China. It is anticipated that a services contract will be concluded by the end of the 4th Quarter. Petron is negotiating purchasing a rig for this project and should arrive on location by the 4th Quarter. There is also significant likelihood that this contract will expand to additional service contracts and increase the number of technical personnel required to develop these concessions and will also allow Petron to earn and equity position in future acquisitions made by the investment group.
Future Projects
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Petron had identified a number of potential international projects and is currently evaluating the feasibility of these opportunities |
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Additional service contracts are being reviewed in
Botswana, Ukraine and Kazakhstan |
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Canada CBM gas project in Alberta |
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In addition, Petron is negotiating participation in projects in Peru and Argentina |
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