America Resources Exploration Inc (OTCMKTS:AREN), a leading gas and oil explorations company, announced the results of a recent study. It was focused on reserve estimates for all of the newly acquired Harris leases in the beautiful Texas.
As per the reports, the study comprised of a detailed analysis, volumetric calculations and performance review.
Insights On Reserve Estimate Study
America Resources Exploration Inc (OTCMKTS:AREN) performed volumetric calculations for reserve and Original-Oil-In-Place for all the reservoirs present in the heart of Harris A, B and C Leases based in Callahan County, Texas. All of these properties are spread across 722 acres. When it comes to the petroleum industry, it is one of the widely accepted methods as it uses modern sound engineering practices.
Reports claim that all the rock and geologic properties to be used in this study were provided by none other than Seabourn Oil Company. Before they were finalized, America Resources Exploration Inc. examined the nearby area and reviewed a wide number of wellbores.
What Are Harris Leases A, B and C
The company evaluated three reservoirs at first – Cross Plains, Strawn and Cisco. To make sure that the selected ones can live up to everyone’s expectations, it considered a Low Case and High Case for each of the reservoirs. Whatever difference it received between two different options was due to change in value.
Credentials of Men Who Estimated These Reservoirs
As per the reports, the mind behind estimating these reservoirs is of Mr. Randy Chillion, an industry veteran in petroleum engineering. He has been in the same field for the past 36 years. Before joining here, he was associated with Amoco/BP for over 34 years where he handled various roles and responsibilities, including one of Certified Reserve Estimator.
The senior management of the company is delighted to present these results and hope that this experience will help it improving its overall performance in the course of time.