Another example of our holdings is the 2300 acre Independence Field lease, located west of Lewis Run in Lafayette Township, McKean County, Pennsylvania. We acquired the field/lease from Lucas Energy, LLC in April of 2017 with 84 wells and 12 Wells from Catalyst Energy in January of 2018.

 

There are a minimum of 200 new drill sites with 1700 acres of Independence Field considered "virgin" territory. There are seven formations under our lease capable of production.

 

The initial geological studies indicate upwards of 11,000,000 barrels of oil recoverable on our field.

 

The field was discovered in the late 1800's and has produced oil and natural gas from Upper Devonian sandstones between 1,000' and 2,200' below the surface. The oil bearing sandstones under this lease include the Dew Drop, Bradford Second, Sliverville, Bradford Third and the Lewis Run. The old Bradford Oil Field which produces primarily oil from the Bradford Third sandstone was defined in the 1920's and reaches the northern and western boundaries of the lease.

 

The narrow Sliverville Field (Music Mountain) extends into the Independence Field property from the south. The Lewis Run sandstone produces oil and gas to the east and extends into the south eastern portion of the lease.