Tier Hydrocarbon Exploration was established in 1994 as a partnership between R. Keith Downing and Dr. David J. Fruit. Tier was founded as an “extraction play” company with a focus in unconventional resource exploration. Tier has since invested more than 20 years evaluating fundamental research to develop explanations for how oil and gas are stored in, and moves through, source rocks and accompanying lithologies. Through these findings, Tier has gained early entry into significant resource plays.
David and Keith offer 40-years of combined oil and gas experience with knowledge in field operations and scientific research. The partnership has led to significant play opportunities in bypassed tight sands, coal bed methane, shale and carbonates, Tier is now focused on optimizing production on a unit basis and has recently given invited presentation to the Tulsa Geological society
And the Scoop Stack Optimization Congress on parent/child well interactions.
Tier Hydrocarbon significant plays:
The Cana/Stack Play
Canadian/Blaine County, Oklahoma
Operated by Devon Energy and Cimarex Energy.
(DVN first 15K Acres in CANA) Recent Woodford tests indicating per well EUR’s of 14-23 BCF. Adding the overlying STACK Meramac with similar EUR’s over multiple benches current engineering projects reserves of 170 BCF/section recoverable on TIER Acreage.
Oklahoma Cleveland Sandstone Play
Ellis County, Oklahoma
Shattuck Field returned 100% of initial investment on 10 wells before sale generated $164.5MM to Investors or 3:1; IRR achieved was 100% on $58 MM invested. After the sale, the purchaser drilled an additional 95 wells and increased the PDP to over 1 billion dollars.
Texas Panhandle Prospect
Current operator: Presidio Exploration
Project has resulted in:
~9,800 BOEPD; 135,000 net acres; 700+ potential drill locations
Net production of ~9,800 BOEPD (Nov 2012) 69% liquids
Monthly operating cash flow of $13.6MM (Nov ’12)
Total identified resource of 93 MMBOE with an estimated PV10 of ~$630MM
Anadarko Basin Bypass Tonkawa Play
60 BCFE (D&J Oil)
Arkoma Hartshorne Coal CLR 25,000 acres (First Horizontal HHC well) Pittsburgh and Haskell Counties 50 BCF EUR (Continental Resources, Patrick, Devon)