How to Wildcat an Oil Well
Oil and gas exploration is one of the most costly endeavors that oil and gas companies fund. This task is entirely speculative--there is no guarantee that it will yield a producing well. The task of finding oil or gas in regions that previously have not had a well drilled is called wildcatting. Many things are considered to select the site of highest probability of striking a pocket of gas or oil.
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Instructions
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Collect information about the soil composition, rock type and geology of the area that is under consideration for drilling the well. The geology of the area can give general information as to the likelihood of a pocket of trapped gas or oil existing.
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Create a seismic survey of the region. The echoes returned to the survey equipment from a generated event can yield important information about the presence of trapped pockets of liquid, be it water or oil. Even gas pockets can be determined by this method.
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Obtain a magnetometer scan of the area under consideration. This can detect very small changes in the magnetic field of the earth, which can be due to flowing oil.
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Survey the area of concern with a "sniffer." These devices can detect extremely low levels of hydrocarbon gases that are often characteristic of oil or gas fields.
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Comments
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bigballncowtown
Aug 04, 2009
B.S., you gotta know some people or Venture Capitalists with alot of money. The 1 equity apple for 10 apple days are gone. with drilling costs at 1/2 the cost a year ago, I do not see wildcatting as a smart move with the bbl price fluctuating so rapidly. And, who said "unit gas price will follow obviously has lost their marbles". Shale gas is being capped and industry is dead here in the USA___________good luck -
scmrak
Jun 12, 2009
"Moderate" difficulty, eh. I guess that explains why oil companies make so much money. Why, I think I'll run out and create me a seismic survey and run me some magnetometers and sniffers (after I've investigated the soil, of course). So, just how many oil wells have you wildcatted, anyway?
