Saddleback Exploration's principal business is crude oil and natural gas exploration, development and production through horizontal and vertical operations in the Central Basin Platform of West Texas. Saddleback was formed in 2021 and is headquartered in OKC, Oklahoma with a field office in Kermit, Texas.
We have assembled an experienced team of geologists, engineers, operations, land and finance professionals with a goal of creating the lowest breakeven costs available in conventional reservoirs.
About Our Asset
Saddleback is targeting Wolfcamp conventional carbonate reservoirs on the CBP for horizontal development. While Wolfcamp horizontal activity in the Delaware and Midland Basins has matured into a world-class resource or ‘shale’ play in recent years, Wolfcamp carbonates have not been a significant target historically for either vertical or horizontal development on the CBP. Through May 2021, The Wolfcamp reservoir overall has produced 3.53 billion barrels of oil (6.05 billion BOE) from 26,368 wells in the Permian Basin. Of that volume, Wolfcamp carbonates on the CBP have contributed 214 million barrels of oil (310 million BOE) from 2,886 wells.
Results from recent horizontal activity in Wolfcamp carbonates on the CBP with the application of leading-edge completion and stimulation techniques, have led Saddleback to specifically focus on this play. Although only 59 horizontal Wolfcamp wells have been completed to date, these horizontal wells now contribute over 40% of Wolfcamp oil production on the CBP with only 2% of the active number of wells.
Shallower landing zones (~7,000 TVD) and lower initial production declines relative to the Delaware and Midland Basin resource plays, high percentage of oil (76%) and attractive EURs and rates-of-return, make the Wolfcamp conventional carbonate reservoir an ideal candidate for future horizontal development and exploration.