IBHD, LLC. is developing the NEFU/Mascher lease unit in Jasper County Illinois, near the town of Newton. The company has drilled a horizontal well on this property which had an initial production of 95 barrels of oil per day in April 2016. The well was completed natural and is now awaiting a frac treatment. The treatment will consist of isolating 4 sections of the lateral and fracking each section independently. This will boast production significantly. This is scheduled for late April.
The company has 5 other horizontal drilling locations on the production unit. These locations contain about 500,000 barrels of proven recoverable reserves.
Intrepid Petroleum, LLC owns the majority of the Parnell Field in Central Illinois. This is a shallow sandstone reservoir with 19% porosity and an average zone thickness of over 25′ at a depth of only 680 feet. Independent engineering reports show proven recoverable reserves of 2.1 million barrels in the field backed up by production history and core studies. The drilling unit covers 1860 acres with lots of undrilled locations. This will be a waterflood project.
E.S. Investments will soon have a new drilling project that has multiple pay zones ranging from 890′ to 3200′ in depth. It has very good potential for horizontal drilling. We also have a small rework project available in the Trenton Limestone.
It is our goal to merge ESI, IBHD and Intrepid into one company. This company would hold more than 2600 acres by production. This acreage contains more than 2 million barrels of proven recoverable reserves. Advantages of the merge would be to avoid conflicts of interest and would make our operations more efficient. The companies have very little debt and are poised to make a big move. We invite equity or joint venture partners to discuss this opportunity.