SFR Briefs: June 17
By: Dave Maass 06/16/2009
At the time, the well located between Cerrillos and Galisteo produced approximately 10 barrels a day. Each barrel could be sold for $28. However, not everyone predicted a black-gold rush.
“If you ask my opinion, I don’t think that Santa Fe is ever going to become an oil patch town like Hobbs or Farmington,” New Mexico petroleum geologist Roy Johnson said at the time—and so far, he’s been right.
According to data from the Socorro-based Petroleum Recovery Research Center, that inactivity resulted in the well producing only an average of 10 gallons of oil per year since 1993. Under the control of Tecton Energy, production reached a peak of 81 gallons in 2007.
Tecton is now trying to find a buyer for drilling rights. " SFR>>>>