Canadian Overseas Petroleum Ltd., a Wyoming-focused E&P company, has made a significant conventional light oil discovery at its Wyoming asset on Jan. 10. The discovery has been confirmed on COPL’s large leasehold position in Converse and Natrona counties, Wyoming in four Frontier Fm. (1&2) and one (1) Dakota Fm sand(s).

COPL currently estimates the total reservoir volume of the discovery to be 1.5 billion to 1.9 billion barrels (Bbbl) of oil in place (OIP), of which 1.275 Bbbl to 1.64 Bbbl. of OIP underlays COPL lands. Production has already commenced from the Dakota Fm, the lowermost reservoir sand in the BFU 14-30VF discovery well (100% WI) at 100-120 bbl/d of oil.

The company estimates the Frontier discovery to be approximately 33,000 acres (51 sq miles) in size, of which 88% is under the company’s leasehold. The potential resource is significant, with OIP is currently estimated by COPL to be 1.1- to 1.5- Bbbl, with 0.968- to 1.32- Bbbl of this estimated to be on the company’s 47,992 gross contiguous acres of leasehold.

The BFU 14-30VF (100% WI) discovery well drilled in August 2021 intersected 140 ft of net reservoir sand in three (3) Frontier 1 sands and the single Frontier 2 sand. Light oil (40° API) was recovered from the lowermost Frontier 1 and the underlaying Frontier 2 sand on perforation. All of the four Frontier sands experienced significant formation damage from the invasion of drilling fluids and cement through drilling, casing and remedial cementing operations.

“We are delighted that this discovery reflects the scale of previous discoveries made over my career and in particular, the North Sea,” Arthur Millholland, president & CEO of COPL, said. “We estimate the Frontier element of the discovery to cover an area of approximately 51 square miles with the capacity of up to three horizontal wells per square mile each initially producing 1,000 – 3,000 barrels per day. We plan a phased production program and have already applied for permits covering four horizontal wells. We will use internal resources to cover the initial costs of development whilst full field development plans are evaluated. This discovery highlights the long-term sustainable production outlook from this outstanding asset.”

Additionally, COPL estimates the Dakota discovery to be approximately 37,000 acres (58 sq miles) in size, of which 77% is under the company’s leasehold. The potential resource is significant, with OIP in the Dakota Fm. reservoir sand estimated by COPL to be 400 million bbl, with 308 million bbl of this estimated to be on the company’s 47,992 gross contiguous acres of leasehold. The BFU 14-30VF (100% WI) discovery well drilled in August 2021 intersected 20 ft of net reservoir sand in Dakota sand. Light oil (39° API) was recovered from perforation. The well has been placed on production unstimulated at an initial rate of 100 to 120 bbl/d.

“This is a significant oil discovery and the size of the upside at our Wyoming asset was a surprise to us all. Conventional light oil discoveries of this magnitude have been rare in continental North America for years if not decades. We control the majority of this discovery as it is coincident with our large contiguous lease block. We will start exploiting the discovery this year.”

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