HOUSTON--(BUSINESS WIRE)--Sep 3, 2019--
Viper Capital Partners LLC has acquired drilling rights to 12,000+ acres of the Rock Creek Oilfield in Roane County, WV and the Tanner Oilfield in Gilmer County, WV along with 371 existing oil wells. The Houston-based firm is anticipating concentrating on conventional drilling strata using shallow horizontal drilling technology for the already proven Big Injun shallow Oil Sand play in Roane County, WV, as well as expanding into the Maxton Oil Sand formation into Gilmer County. Viper Capital Partners is working in conjunction with its affiliated operating firm, Cunningham Energy LLC, to drill and develop these plays. President of Cunningham Energy LLC, Ryan Cunningham, states, “Our long term model incorporates the acquisition and drilling of historically prolific oilfields that can be produced using new shallow horizontal technology. The Rock Creek and Tanner fields have proven time and time again that conventional oil is an ongoing viable asset. We intend to apply our newly adopted model of producing conventional reservoirs through the unconventional method of shallow horizontal drilling and completion. These legacy fields represent an opportunity to tremendously improve shallow oil recovery efficiencies.” Viper Capital Partners expects to drill shallow horizontal wells in the Berea Sand with a focus on oil production during the 2019-2020 calendar years.
Viper Capital Partners was formed to facilitate capital formation efforts concentrating on the shallow horizontal drilling movement in proven producing areas, specifically targeted are the proven formations in the Appalachian Basin. The firm intends to participate with operators conducting drilling operations in the Continental United States focusing on oil production from conventional reservoirs. Viper Capital Partners is focused on plays that benefit from the horizontal drilling revolution in the United States which has redefined economics in conventional oil areas.
About Viper Capital Partners LLC
Viper Capital Partners LLC was formed to facilitate capital formation for the oil and gas industry in the areas of Drilling & Production, Leasing, as well as mineral acquisition. The company is based in Houston, TX.
Statements made in this press release that are not historical facts are "forward-looking statements." These statements are based on certain assumptions and expectations made by the company which reflect management's experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial and operational performance and results of the company’s ability to improve our financial results, ability to list our common stock on an established securities market, availability of sufficient cash flow to execute our business plan, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, and the regulatory environment. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.
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CONTACT: Lindsay Savell
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KEYWORD: UNITED STATES NORTH AMERICA WEST VIRGINIA TEXAS
INDUSTRY KEYWORD: OTHER ENERGY MINING/MINERALS OIL/GAS NATURAL RESOURCES ENERGY
SOURCE: Viper Capital Partners LLC
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PUB: 09/03/2019 09:00 AM/DISC: 09/03/2019 09:01 AM