FORT NELSON, British Columbia – Share price plummeted this week for junior oil and gas operator Short Run Energy, as news of an experimental and failed well reached investors and the media. The well, dubbed the “Solid Core Wildcat”, was located in the WCSB 3 hours north of Fort Nelson, British Columbia in Short Run’s Yakatubee Field.
The well promised a reservoir target devoid of natural gas, and full of light oil, an anomaly not heard of in this area for some time. Typical plays in the region target natural gas, and all but a few have been abandoned due to low gas prices in the markets. This region lies outside of conventional mapping areas however, and the target seemed real.
We shot seismic and looked at modern analogues, built a model, then we drilled a pilot well. It was a success, and we had evidence of a nice, light oil, promising a vast increase in our reserves and a EUR of nearly 500 MMBOE. That type of production would put Short Run on the map! – CEO Derick Slikker
With so much on the line for Short Run and this play, it was decided that if there was a procedure that would de-risk the drill they would take advantage of it. When a geologist at Short Run proposed a solid core, taken the entire length of the HZ to ensure that they were in the target, management inked a 5-well deal with Core-All almost immediately. Once the build section of the well was completed, and intermediate casing was set in the target zone, the procedure began.
It took us 22 days to core the total 1200 meter lateral in one long section. We kept it in a special core-drilling string the entire time. When we finished, all the core was shipped right to our shop for slicing, preparation, and analysis. What we didn’t think of during all the excitement about this well, was that no one would even see the rocks until we were finished. – Josh Bradum, Core-All operator
What Core-All deduced post analysis, and Short Runs geologists confirmed, was that the well was deviated in such a way that exactly 0% of the lateral was drilled in reservoir. The entire section was drilled in tombstone, and not even any gas showed up as a fall back to pay for the well.
We drilled tombstone for 1200 meters without knowing it. Not even a gas blip. We spent nearly $17 million dollars drilling a chalk well. Buy a blackboard boys, we’re selling chalk dust. – Mr. Slikker at a press conference after his dismissal
The company’s stock price dropped from an average price of $23.45 to $2.31 last Friday, and rumors are that they will fall below a dollar by the end of the week. Plans of s similar drilling process have since been scrapped by Best West Exporation and Cheaterson, although Bendovus Energy claims that it has a tool to see the core without cutting the core at all, using Drunim-Spatial Reversion techniques to literally see the reservoir in place while drilling. 2P News will report on any developments of this new technology.