South Plains Petroleum, Inc. is an oil and gas “production” company which utilizes modern technology to re-evaluate data from old and abandoned wells thereby taking advantage of previous operators’ exploration efforts to find new and/or remaining reserves. Our philosophy dramatically reduces risks and investments thus increasing potential profits. We are in the process of revitalizing substantial assets from 2 successful oil and gas companies located in West Central Texas and Louisiana.
South Plains Petroleum’s approach to risk management has attracted a team of successful oil and gas professionals, who together have over 100 years of oilfield experience between them. Their experience stretches from working on drilling rigs and workover rigs to owning same, from working the supply/service side of the business to owning the wells, from investing and funding oil projects to overseeing the operations and completions. And yes, they too know the feelings of despair brought on by funding and drilling a dry hole as well as the ecstasy of finding a true Gusher!
South Plains Petroleum, Inc. is a new kind of oil company for today’s opportunities. Our management has created a stringent set of parameters each potential project must pass before it is acquired. This approach, while a bit time consuming at times, reduces the actual losses in the field and increases our chances of making profits. And not to worry, with hundreds of thousands of oil and gas wells drilled over the past century, there is no shortage of opportunities for review. The Easy oil has been found. What remains requires a harder look to see the oil and gas that is not trumpeting its existence in the data.
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Over the past 25 years, the energy industry has changed dramatically utilizing the newest technologies to not only find new reserves, but to unlock oil and gas from tight reservoirs previously determined as unattainable. These advancements were driven in part by high energy prices and while many were quick to jump on the bandwagon few could foresee the sharp declines which resulted in limited returns. South Plains Petroleum, Inc. concentrates on conventional reservoirs and conventional wells to create a foundation of solid oil and gas production with much slower rates of decline and thereby production rates which translate into a predictable cash flow to base future growth.
Rather than gamble money on risky exploration, we identify reserves located in older oil and gas deposits for redevelopment. There is a saying, “The best place to find oil is where oil has already been found.” There is a lot of truth to this statement as oil migrates through the earth until it is trapped. A trap is generally a higher structure and where you have one structure high, you generally have several deeper structures which are also high and have trapped oil and or gas. In the early years of oil exploration, they stopped drilling when the well blew in or “Gushed” never to test anything deeper. In later years, with new techniques, drillers went deeper to find more oil in the old fields. And it wasn’t until the 1960’s that newer well logs were created to begin “seeing” what was truly in the well. By then, many of the bigger oilfields in the United States had been found. South Plains Petroleum reviews these “old” oilfields and well data for those remaining gems which have not broadcast their existence.