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This page will be updated with technical information and maps in due course.
Nighthawk holds a 50% interest in the Buchanan Group projects, located in Vernon and Bates Counties, Missouri. The operator, Running Foxes holds the remaining interest.
The projects cover in excess of 40,000 acres and lie within the Cherokee Basin.
As a result of a successful summer drilling campaign, Nighthawk and Running Foxes embarked on a proactive land acquisition programme and the Buchanan Group projects’ land base expanded from approximately 7,000 acres to approximately 40,000 acres. The project areas are located on the Missouri side of the prolific Cherokee Basin, known for shallow oil saturated sandstones. For optimum recovery the Buchanan Group projects require waterflooding in order to drive the hydrocarbons from the reservoir into the production well bore. The water is introduced by a number of injector wells drilled within the project area on a “five spot pattern”, one injector well and four production wells.
The eastern side of the Cherokee Basin is estimated to contain between 1.8 and 8 billion barrels of oil in place based on published reports from the USGS and Missouri Department of Natural Resources survey estimates.
Following analysis of the drilling results and other data we now have an increased understanding of the characteristics of the project acreage which has demonstrated that there are several unrelated reservoirs present. As a result, the Buchanan Group projects, which were previously referred to as the Buchanan and Worden projects,
have now been divided into six separate development entities, Buchanan, Celtic, Farragut, Porter, Roundtop, and Worden.
To date, a total of 36 wells have been drilled and cased for production on ten acre spacing. The wells all targeted the McClouth and Upper and Lower Bartlesville formations.
Through petrophysical and core analysis, Running Foxes conservatively estimates the average oil in place to be 250,000 barrels for each ten acres with individual pay zone intervals ranging from 8 to 70 feet at depths of between 250 and 500 feet. The average oil in place per well will vary as wells are now also being drilled to define the limits of each reservoir. The wells presently producing are estimated to have each, between 300,000 to over 650,000 bbls of oil in place with an estimated recovery of between 20-50% expected. Continuing core analysis indicates excellent porosity and permeability with an API oil gravity ranging from 28 to 33.
A gas distribution line has been connected to a third party tap for the sale of gas. An extensive gathering system is planned to be constructed by Nighthawk and Running Foxes and will be designed to accommodate the wells within the Buchanan Group project areas.
