All of our “Greenwood Projects” are expansion drillings from the Barnett Shale Field in Wise County, Texas. They are named after a village in the heart of this most attractive play.

The Barnett Shale formation in the Fort Worth Basin stretches over 5,000 square miles, and across 10 counties. At a depth of between 7,000 and 9,000 feet, the layered rock formation which is unusually rich in raw materials demonstrates strength of 400 to 900 feet and is therewith the most productive gas field in all of the U.S. During recent years over 2,500 boreholes have been sunk into the Barnett Shale without a single failed drilling. Each and every one of the drillings are constantly monitored by geologists, petroleum engineers and other experts.

Production in the Fort Worth Basin dates back to 1952 when George Mitchell bought the mineral rights of a large area that was later called the Newark East Field. Mitchell Energy is today a public company, one of the largest in the US. They are still very active in the Fort Worth Basin but are nowadays focusing upon drilling deeper wells than before. Deeper down there, in the Barnett Shale are huge reserves of natural gas and condensate that are characterized to be of world class standard. Yet it took until 1996 for large investments to start. The major reasons why Barnett Shale has not been a target at an earlier stage were the high costs of drilling to this depth and the low gas price. However, over the past few years drilling costs have halved, technology has advanced, and the gas price has reached an economical level, thus making such drilling projects feasible.

All of our “Greenwood” wells are operated by a major working interest owner, the Aruba Petroleum Inc. of Plano TX, which is a 15 year old company that owns and operates a huge number of oil and gas wells nationwide.

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