The President and CEO of Tycoon Energy, Inc., Matt Nerbonne, confirms the discovery of crude oil after drilling second well over a mile into the earth near the town of Plains, Texas, USA.
More about Tycoon Energy, Inc. and 3-D Hydrocarbon Imaging is available on the company website: www.tycoonenergy.com
Dallas, TX (1888PressRelease) April 04, 2012 - Tycoon Energy, Inc. (TYCOON) an independent producer of crude oil and natural gas drilled a second well well in Yoakum County, Texas.
The logs revealed high concentrations of crude oil with presence of natural gas. The company is planning on increasing the number of wells in the area with added new vertical and horizontal drills to expand and develop its current leaseholds. Production rates are being held by the company as it looks to acquire additional acreage to further its development in the area.
Use of 3-D Hydrocarbon Imaging brought georadiometric technology into the cutting edge of identifying and quantifying oil reservoirs and reserves with sophisticated field equipment and software integration abilities that aided the company to locate its oil and gas leasehold reserves. Hydrocarbon Imaging rivals conventional seismic and downhole logging via a surface survey of the "radiation footprint" of a given area of geography. This technology goes beyond conventional techniques in both arenas of cost and reserve identification and has been leveraged to meet the needs of the industry.
TYCOON is now making use of 3-D Hydrocarbon Imaging to other industry operators to help identifying and quantifying oil reservoirs. Typically at one tenth the cost of other conventional technologies.