US's Duma Energy Corp. says it has received new 3D seismic data in its search for deeper oil reserves in its Galveston Bay producing fields.
This new data, which covers three of Duma's fields in Galveston Bay, is part of a broader effort by several other large independent oil companies to identify and exploit the deeper potential believed to exist under the bay and surrounding areas. Duma is looking to exploit these deeper zones on its more than 18,000 acres in the bay. This new 3D seismic data will be an integral part of this effort and the Company is already working to have the newly received data analyzed and interpreted by its team.
Duma has not, to date, publicly assigned any value to the potential reserves in these deeper horizons, nor do the Company's past engineering reports contemplate any exploration in these deeper intervals. However, with the recent leasing of acreage and seismic acquisition by these other companies, Duma is now focused on identifying these potentially high-pressure, high-volume pay zones.
"We have always believed the deep potential was there but decided to focus our efforts on the remaining 'low-hanging fruit' in the prolific Frio intervals at shallower depths," stated Jeremy G. Driver, CEO of Duma Energy Corp. He further commented, "Now that other oil companies have shown a serious and growing interest in the deeper zones and have invested tens of millions of dollars so far, we are further convinced of the potential and the value of our assets."
Duma Energy Corp. actively produces oil and gas in the continental United States, both on and offshore. Duma also has a significant interest in a 5.3 million-acre concession in the Republic of Namibia in southern Africa.