Our 2300 acre Independence Field lease is located west of Lewis Run in Lafayette Township, McKean County, Pennsylvania. We acquired the field/lease from Lucas Energy, LLC in April of 2017 and 12 Wells for recompletion, from Catalyst Energy in January of 2017.
We have a minimum of 200 new drill sites. 1700 acres of Independence Field are considered "virgin" territory. There are seven formations under our lease capable of production.
We do not carry the elevated overhead of larger oil and gas companies, thus lower development and per barrel lifting costs allow First America Energy to realize profitability from wells and fields that have been neglected or not properly monetized.
The initial geological studies indicate upwards of 11,000,000 barrels of oil recoverable on our field.
We sell our oil to the American Refining Group, Bradford, Pennsylvania, which is located only 7 miles from our field. The refinery picks up our oil at no charge.
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.