CHARTER OAK PRODUCTION CO., LLC
13929 Quail Pointe Drive
Oklahoma City, OK 73134
Phone 405 286 0361 Fax 405 286 4396
Charter Oak Production Co., LLC was founded in 2004 by Joseph C. Brevetti, P.E., a Petroleum Engineer. Based in Oklahoma City, OK, Charter Oak focuses on drilling and development of oil & gas reservoirs in Oklahoma and Texas. Their primary concentration for the past several years has been in the oil areas of central and southern Oklahoma.
This core area for Charter Oak yields principally light sweet crude oil with high BTU (British Thermal Unit) natural gas. The moderate depths of 8,000 to 12,000 feet allow Charter Oak to drill multi-pay vertical and horizontal wells at modest costs. In addition, Charter Oak has adapted multi-stage fracture stimulation technology from the horizontal plays to the vertical wells to optimize the oil production capability of these pay zones. The result of this is wells with a shorter payout time than many of the current resource plays, yet still retaining a long life reserve base. Charter Oak’s horizontal wells are completed using engineered completion technology based on acquired rock stress data greatly improving productivity. Many of the wells in this area will produce in excess of 30 years. This enables Charter Oak and its working interest participants to maintain a high rate of return throughout the life of the well.
In conjunction with its oil and gas reservoir development, Charter Oak has acquired leasehold acreage in areas that have become popular with the drilling of resource plays by large public companies. Much of this acreage is held by production or HBP, as termed by the industry. In the past few years, Charter Oak has successfully negotiated several acreage sales to public companies in the Cleveland, Tonkawa, Mississippi and Woodford plays in Oklahoma and Texas. These events provide Charter Oak and its participants’ additional cash liquidity to continue development in their core area.
Charter Oak presently operates in excess of 180 wells and keeps between 1 and 2 drilling rigs contracted, along with 2 to 4 workover units. They drill approximately 25 wells per year and actively seek acquisitions of operated properties in its core area where upside production potential is present. Charter Oak has closed several such purchases in the past few years. Charter Oak has had a capital budget in excess of $50MM in each of the last two years and expects to exceed $60MM in 2015. While Charter Oak has an outstanding relationship with its bank and an established credit line, it currently has no short or long term debt.
Charter Oak maintains strong relationships with a variety of contractors, vendors and suppliers in the area of its core operations allowing it to obtain exemplary field service with stringent cost controls in place. Charter Oak has two field engineers that work on location to insure smooth execution of the drilling and completion operations. Charter Oak is also the initial point of prospect review for several independent geologists in the area who keep them with a ready inventory of new ideas for the Charter Oak land staff to assemble acreage for future drilling programs.