Geo Petroleum to Place More Oil Wells in Oxnard
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Having emerged from bankruptcy on Dec. 27, Geo Petroleum in Los Angeles said it plans to place eight more oil wells in Oxnard.
Dennis Timpe, chairman of the board and company president, said the wells are part of Geo Petroleum’s plan to expand its oil production and industrial waste disposal operations due to strong oil prices. In addition to the eight Oxnard wells, Geo will place nine wells in Rosecrans Field in Los Angeles County.
The company’s consulting engineer projects that up to 102 billion barrels of undeveloped oil reserves can be produced from the company’s Oxnard leases using the new Steam Assisted Gravity Drainage technology.
Capital for this development will be sought from investors and industry sources.
Timpe said the increasing pace of oil industry activity will result in more waste for treatment in Geo’s commercial disposal well.
Geo has previously recorded gross revenues of up to $437,000 annually from its disposal project. TD & Associates, a private oil industry investment firm headed by Timpe since 1986, funded Geo’s plan by purchasing 4.5 million shares of its common stock for $500,000. Geo will retain $200,000 as working capital and spend $300,000 for administrative costs and payments to creditors.
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