- ERG Resources (Santa Maria, Bakersfield)
Reduced lifting cost by 25% and field expenses by $2,750,000, annually, while restructuring field operations for maximum efficiency.
- Jeff Smith hired November 2015 as CEO to administer $150,000,000 credit facility on behalf of the debtor in possession to be used for project development.
- Successfully promoted the drilling of new oil wells to further reduce lifting cost. 30 wells approved for drilling in fall 2016.
- All claims against ERG negotiated and released.
- Five Maranatha contractors used to evaluate and provide technical direction for ERG development.
- Fruitvale Oil Field (Bakersfield, CA)
15 times production increase from seven new wells on previously abandoned property
- Bought existing wells in 1999 on property operating since 1981
- Discovered large, underground field of reserves and drilled seven new wells—the first in the area since 1960
- After developing reservoir for $4 million, generated $11 million in revenue, with plan for 25 more wells on newly leased acreage
- Increased production from 10 to 150 BOPD
- Sutter City Gas Field (Yuba City, CA)
Five new wells with six-times increase in value
- Farmed in 800 acres, shot 3D in 2003
- After reviewing geology and 3D, drilled five new wells in 2004 at a value of $2.7 million
- Production peaked at 3000 MCFPD; to date these wells have produced nearly 4 BCF, with income above $18 million
- Todhunters Lake (Sacramento, CA)
50 times production increase on recompletion and drilling of 30 new wells
- Purchased at auction from Texaco/Getty Oil in 1990 for $400,000, then sold in 2002 for $33 million
- Shot 3D in summer 1999
- Production rose from 400 to 20,000 MCFPD, a fifty-fold increase
- Canfield Ranch (Bakersfield, CA)
Six times production increase from 10 recompleted wells and 10 newly drilled wells
- Properties purchased from Mobil, Phillips, and Union from 1987-1990 at a combined value of $1 million, then sold in 2001 and 2003 for a total of $33 million
- Recompleted 10 of 27 potential wells after review. Production increased from 250 to 1500 BOPD, a six-fold improvement
- 75% sold in 2001 for $20 million. Remaining 25% sold for $13 million in 2003
- SWEPI Gas Purchase (Sacramento, CA)
Four times production increase from nine wells
- Bought in bid from Shell Oil in 1992 and reviewed for recompletion
- Shot several 2D lines, recompleted five wells, drilled four new wells
- Production increased from 2000 to 8000 MCFPD, a four-fold increase