Oliver's Rentals


Oliver's Rentals

201 South 6th Street

Brownfield, TX 79316

(806) 637-7585


 

Office Space in the heart of Shale Play in Terry, Lynn, Hockley & Lubbock Counties on the High Plains of Texas

 

Office Space in the Heart of Shale PlayCurrently ongoing in the Northern part of the Permian Basin: The Permian Basin is an oil field located in West Texas and the adjoining area of southeastern New Mexico. The Permian Basin Oil Field covers an area approximately 250 miles wide and 300 miles long and includes the following counties of Texas:   Andrews County, Andrews, TX - Borden County, Gail, TX - Coke County, TX  - Crane County, Crane, TX - Crockett County, Texas - Dawson County, Lamesa, TX - Ector County, Odessa, TX    - Gaines County, Seminole, TX - Glasscock County, Garden City, TX - Howard County, Big Spring, TX - Irion County, Texas - Loving County, Mentone, TX - Martin County, Stanton, TX - Midland County, Midland, TX  - Pecos County, Fort Stockton, TX - Reagan County, Texas - Reeves County, Pecos, TX  - Sterling County, TX  - Terrell County, Sanderson, TX - Upton County, Rankin, TX - Ward County, Monahans, TX - Wrinkler County, Kermit, TX.   In New Mexico:  Chaves County, NM - Eddy County, NM - Lea County, NM - Otero County, NM.  Various zones such as the Avalon Shale, Leonard Shale, Spraberry Formation, Yeso Oil Play, Bone Spring Formation, & Wolfcamp Shale are all part of the Permian Basin.  The Wolfberry Trend is a combination of the Spraberry Field and the Wolfcamp Shale and is being extensively explored in Terry County, Lynn County, Lubbock County, Hockley County, Yaokum County and Dawson County.

 

The Permian Basin’s first commercial oil well started pumping in 1921 in both Midland and Odessa.  Both towns prospered in the 1920’s and became boomtowns due to the newly discovered oil well. Frank T. Pickrell and Haymon Kruppwere the first to receive permits to drill on university land in several Permian Basin counties. They drilled the first test well at the Santa Rita site in 1921.  The first commercial oil well in the Permian Basin was completed in 1921 in Mitchell County, on the east side of the basin; completed at a total depth of 2,498 feet, it was the discovery well of the Westbrook field. Prior to 1928, projects to recover deep oil, were unjustified because of the great distances to the markets and the lack of pipelines through which to move the oil. Consequently, all oil fields discovered before 1928 were producing from depths less than 4,500 feet. Finally, in 1928 a deep test was started in the Big Lake oil field in Reagan County, and large flow of oil and gas was encountered at 8,525 feet. Fossil evidence showed the producing section to be of Ordovician age. This discovery greatly expanded the prospects for the Permian Basin's becoming a major oil and gas producing area.

 

In 1966, the Permian Basin area produced a total of 607 million barrels of oil and 2.3 trillion cubic feet of gas.  Intrastate and interstate gas pipeline systems were expanded throughout the area. In 1992 the Texas counties of the Permian basin produced over 217 million barrels of oil. Total production for that region up to the beginning of 1993 was over 14.9 billion barrels.The Permian Basin now accounts for 17% of the nation’s crude oil supply. Drilling techniques include vertical and horizontal drilling and now, increasingly so, CO2 injection is a curious technique that is being tested as a new and highly efficient way for oil recovery in the Permian Basin. 

 

Several small and midsize oil and gas companies have recently struck deals to enter or expand into the West Texas Area.  Recent acquisitions have been made in the Permian Basin by Concho Resources, Inc. (CXO), Linn Energy, LLC, Pioneer Natural Resources Co. (PXD) and SandRidge Energy, Inc. (SD). 

 

November 2011 - In recent news, Concho Resources (CXO announced 2012 drilling plans. . We will allocate a greater proportion of our 2012 drilling budget to our Delaware Basin Bone Spring play, where we are expanding and testing the multiple horizons across our acreage. With our recent expansion efforts in the Delaware Basin Bone Spring play, I believe that we have assembled a premier acreage position that will enhance our future growth. Looking to the fourth quarter, we remain on track to meet our goals for 2011 and expect the momentum from our operational success to carry into 2012

 

During the summer, Apache Corp. (APA) announced that it will acquire BP assets in the Permian Basin, Canada and Egypt for $7 billion.  Net production from BP’s properties in the first half of 2010 was 28,000 barrels of hydrocarbons and 331 million cubic feet of gas or 83,000 boe per day, which adds a total of 2.4 million net acres to Apache’s portfolio. Specific to the Permian Basin acquisition, Apache is acquiring 10 field areas in the Permian Basin with estimated proved reserves of 141 million boe (65 percent liquids), first-half 2010 net production of 15,110 barrels of liquids and 81 MMcf of gas per day, and two operated gas processing plants. Apache plans to finance the opportunity with a combination of debt and equity securities as well as cash on hand.