Oil & Gas Drilling Program
Implementation of Drilling Program – Allegany County New York
A total of thirty new wells are planned to be drilled and completed in the next 2 – 3 years. The excellent potential of this proposed production is due to the new wells situated in an area where there has been a previous good history of oil production for several decades until now. This region of the spectacular Allegany Plateau is the world’s first productive oil field and is still being actively developed: it is known as the Bradford Oil Field. Companies such as Sunoco, Mobil, Sinclair and other companies and refineries started off in this oil producing region and operated there for many decades. Today, American Refining Group and United Refining purchase oil from this area. Even after all this early production, there is still ample reserves of oil and gas energy to be tapped. Piedmont Resources Corporation has been involved in exploration and production in this county and other areas nearby for over three decades.
These new wells are rather unique and will be secure, since they will be only up to two thousand feet in depth intersecting numerous oil and gas rich sandstones. Furthermore, due to the depth of the wells and the lithology of the producing sands, the wells in this area are very stable and do not cave, blow out or require very expansive or expensive repair and maintenance costs; furthermore, the wells of this region and type have a long and productive life, usually up to 5 to 7 decades.
Piedmont Resources Corporation is seeking investment funds to drill and complete the first drill program of 20 wells. Future drilling programs will follow. Serious qualified investor(s) are sought to fund a total cost of Three Million Seven Hundred Thousand dollars ($3.7 M) to ensure this program can proceed to start its development. A second phase of drilling 20 or more wells will be drilled and completed with additional funding; however, a price for this is yet to be determined, due to costs and disbursements unknown at this time.
Interested investors in this project are invited to contact Piedmont Resources Corporation. For more detailed financial projections and operations drilling information check HERE…