Uintah Basin, Utah
Harvest was able to pioneer a new oil resource play in the Uintah Basin area that had seen essentially no drilling activity for the past 25 years, we are proud to be apart of this milestone only one year after making the initial oil discovery in the Bar F well. We provided Mudlogging or Surgface Data Engineering services. We also helped them further study the formations by taking Iso-Tubes and Iso-Jar samples while drilling. Our geoscience services were a big part in the success of Harvest and the later sale of this acreage postion.
The sale will allow the company to refocuses on its international portfolio and the net proceeds from this transaction will yield a strong balance sheet to reduce its outstanding debt.
The net proceeds from the sale are estimated to be $205 million after deduction for transaction related costs. Closing is expected to occur in May 2011 and the final sales price is subject to customary adjustments at closing at that time.
The oil and gas assets are located in Harvest’s Antelope project area in the Uinta Basin of Utah and consist of approximately 69,000 gross acres (47,600 net acres). Harvest owned a working interest of approximately 70 percent in the Uinta assets. The transaction includes wells operated by both Harvest and Newfield.
Mudlogging and Geosteering
This is just one of many projects we have had in the Uintah Basin in Utah. We have provided Mud Logging and Geosteering services for a number of other big players such as Berry Petroleum or Linn Energy, Bill Barrett Corp, Apaloosa Energy and others. Decollement would be happy to assist you on any of your Geoscience service needs. Please feel free to contact us by calling 303-578-6875 or fill out a project bid form here http://www.decollementconsulting.com/contact-us/. We look forward to hearing about your upcoming project.
