Elk Petroleum Limited is pleased to announce that it has acquired the Singleton Unit in Nebraska. The effective date of the transaction is 1 May 2014, when the company will take over operatorship of the Unit.
The company plans to develop the remaining oil potential in the Singleton Oil Field using CO2 enhanced oil recovery (EOR) techniques. The source for the CO2 for the project is the Bridgeport Ethanol plant, located 25 miles to the northeast of the Singleton Unit.
The Singleton Oil Field has produced 10.9 million barrels of oil and is historically the largest oil field in the Panhandle of Nebraska.I do believe the proposed route for the Keystone, killed by activist environmentalists, was through the Panhandle of Nebraska.
Someone has a sense of humor.
And this will make everyone feel better:
Having completed the acquisition of the Singleton Unit and secured the CO2 supply, Elk Petroleum is now in a position to attract external funding for development of the project. The corn‐ethanol source of the CO2 for the project makes the CO2‐EOR process a carbon sequestration project, with the implication that the oil produced from the Singleton Field will be carbon negative. This aspect of the project makes it attractive to green energy funds, which have a mandate to develop energy sources that result in reduced CO2 emissions. Elk has started conversations with several green energy funds in the United States regarding the development of the project.Some feel that the Bakken will also be a candidate for EOR somewhere down the line.