Dallas-based Premier Energy expands oil production in Russia

by PegNews wire

DALLAS — Premier Energy Corp. announced today its engagement in oil production in Russia through its majority-owned subsidiary Karbon CJSC, the holder of the oil and gas exploration and production license for the North-Kopanskoye Oilfield in the Volga-Urals Basin.

The North-Kopanskoye Oilfield covers an approximate area of 3,213 acres and lies about 34 miles southeast of the city of Orenburg and 18 miles south of the Orenburg gas-condensate field. The North-Kopanskoye Oilfield contains two structurally-trapped, carbonate reservoirs, the Pennsylvanian Bashkirian A-4 and Permian Artinsky-1. The Bashkirian A-4 reservoir accumulated oil on two of the four individual domes in the Oilfield. The Artinsky-1 reservoir has a larger accumulation of oil with an associated gas cap, and a separate non-associated gas accumulation.

According to DeGolyer and MacNaughton’s appraisal report of 2007, as concluded from the results of over a dozen exploration wells drilled in 1980s, the company believes that the North-Kopanskoye Oilfield includes proved oil reserves of about 8 million barrels. The report also indicates additional probable oil reserves of about 21 million barrels.

Source: Premier Energy