OPERATIONS

Asphalt Ridge Project

In May 2015, Bear Rock Petroleum Inc. (as Blackrock Petroleum inc.) has reached an agreement to perform a Pilot Technology project following with opportunity to acquire mineral extraction rights to develop HC and other mineral reserves at the Asphalt Ridge property in Utah.

The opportunity provides for extraction of the hydrocarbons accumulated at depths down to 3,000 feet SL covering a surface area of approximately 1,250 acres.

Project Facts and Prognoses:

  • The lease consists of 139,5 MMSTB (OOIP >23 million metric tons) according to Chapman Resources data.
  • Use of a proprietary S-BRPT process based on a license granted by Galex Energy Corporation provides for recovery in excess of 60% OOIP.
  • S-BRPT equipment has been built and shipped in the USA.
  • Lifting cost is expected to be in the range of $3/bbl or better.
  • The area is privately – not government – owned.
  • Successful completion of PTA will lead to acquisition of similar regional assets, with reserves in excess of 15 to 30 BOOIP.

Main Project Phases

Phase 1 (2 years)

  • Drilling and completion of three wells, each up to 350 feet in depth.
  • Proving recovery and economic viability. Proving environmental improvement to the level of conventional drilling.
  • Process optimization to achieve the highest, most cost-effective volume of production.
  • Planning and implementation of an Early Oil project consisting of drilling a 50 to 200-well pattern and exploiting it to depletion.

Phase 2 (3-5 years)

  • Continue on the Early Oil project. Prove KEP (Key Economic Parameters).
  • Plan and implement a commercial full field development plan.
  • Expand on other prospects/opportunities using the optimized process.