Stockdale Oil Field (Wilson Country)
Mayan has a 60% WI with a 45% NRI net in the 105.7 gross acre Stockdale Oil Field lease, located in Wilson County, Texas. The field lies on a trend with the Austin Chalk, which was developed during the 1990’s and has since been one of the most prolific US onshore oil and gas formations in history.
The property as acquired included the Morris #1, an Anacacho formation well. Mayan’s strategy is to target the Anacacho formation (located at a depth of approximately 3,600 feet) which was overlooked through the development of the deeper Austin Chalk.
Stockdale has been well delineated, and Mayan, with its operating partner Longview Oil & Gas, has identified at least ten low cost opportunities to re-enter the Anacacho formation. Potential recoverable reserves are estimated to be within a range of 80,000-180,000 barrels for each successfully completed Anacacho well.
Following the initiation of production operations in Q4 2017 at the Morris #1 well, which is currently producing at a rate of 16-18 bopd from the upper Anacacho, Stockdale became revenue generative. It is expected that applying water injection will allow commingling of production both from the Upper and Lower Anacacho formations and the Board believes that production, once stabilised, will be in the range of 35-50 bopd for the well. It is anticipated that this performance is capable of being replicated throughout the field as new wells are brought on.