Nov 2, 2018 — Prospect generator has acquired a Unique lease in Overton County,Tenn about 80 Miles northeast of Nashville.
The lease has an interesting story. In July 1979 the operators father drilled one of the biggest wells in the state of Tennessee producing over 132,000.Barrels( Billings # 1) About $9 MM at today's prices. At a depth of 1390 Feet oil was encountered in the Stones River Limestone. The well blew in at 1 Barrel a Minute..and was choked backed to 180 Barrels a day.His father sold the lease soon after to another company. A few wells were drilled after that.
In July 2018 the operator's son acquired the lease believing that the trend was missed since there were no wells drilled in areas to the Northwest and Southwest of the Billings # 1.
Some of the highlights include:
1. Shallow Target about 2000 Ft. - Cross 4 Zones - Have a chance to make a well in any zone)
2. Drilling and Testing ( Dry Hole Cost) - $69,450
3. Completed Well $118,975
4.Excellent Economics - 10 Barrel a Day Well could payout in 9 Months - A well like the Billings # 1
could payout in 17 Days!
5.15% WI carry to the tanks with an 80% Net Revenue
6. Excellent Federal and State Income Tax Deductions if capital is placed by December 31,2018.
7. 100% Tax Deductible against Active Income. One of the last great income tax deductions available to high income earners in the USA. ( AMT Exception )
Call or E mail for additional information on this Low Cost / High Potential Oil Prospect.
OIL AND GAS EXPLORATION IS CONSIDERED HIGH RISK AND CAN RESULT IN 100% LOSS OF CAPITAL.
THIS PROJECT IS SUITABLE FOR OIL AND GAS OPERATORS OR INDUSTRY PLAYERS THAT UNDERSTAND THE INHERENT RISKS AND REWARDS OF OIL AND GAS EXPLORATION.
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