Wilshire Park Announces Energy Partnership
Based on geological data and reports, the Partnership estimates that the geological structure in the Lease could contain 270,000,000 barrels of oil.
- (1888PressRelease) August 31, 2010 - Gary Owen, COO of Wilshire Park, Announces an Energy Partnership for 24 Wells in Nevada.
Wilshire Park has formed an Oil Exploration Partnership, by its Wilshire Park Energy Fund I, with the purpose of acquiring Working Interests and Net Revenue Interests for wells drilled on a lease for 1,140 acres located in Nevada County and options to acquire Working Interests and Net Revenue Interests in drilling up to 24 offset development wells on the Lease. After several years of exploration and testing, the Partnership, has identified significant oil and gas potential in the heart of Nevada. The Partnership has an Agreement to implement a turn‐key program to drill and complete one exploratory well and options to drill and complete up to 24 offset wells on the Lease. The exploratory well and offset wells will be drilled and completed in accordance with established oil and gas industry standards.
Based on geological data and reports, the Partnership estimates that the geological structure in the Lease could contain 270,000,000 barrels of oil. Estimated production from the proposed exploratory well could be +/‐ 7,000 barrels of oil per day. Major oil companies are aggressively acquiring leased acreage in the same area covered by the Lease.
Wilshire Park, through its "Wilshire Park Energy Fund I", expects to complete the $14.5 million dollar investment by February of 2011 and expect to have returns greater than 100% per annum by the close of summer of 2011.
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