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Hayes Lumber #2 Redrill | Jefferson Davis Parish, Louisiana
A low-risk redrill opportunity targeting proven reserves with established production history, 3D seismic support, and exceptional upside potential in Louisiana's prolific Upper Frio formation.
Crossbow-Energy is offering accredited investors a compelling opportunity to participate in a low-risk redrill of the Hayes Lumber #2 well (Serial #222749) in the proven Topsy Field. This project targets two productive zones with documented pay on a four-way closure, supported by 3D seismic data, subsurface well control, and extensive production history.
The existing wellbore was originally drilled as a Hackberry gas well and discovered 10 feet of oil pay in the 6,400' sand (Upper Frio formation) and 4 feet of pay in the Marg 1 sand. After producing from the deeper Hackberry Sand, the well was completed in the 6,400' Sand in February 2006, flowing at an impressive initial rate of 165 barrels of oil per day and 4 MCFD of gas.
Cumulative production from the 6,400' Sand totals 192,000 barrels of oil and 65 MMCF of gas, demonstrating the reservoir's exceptional productivity and validating reserve estimates.
The existing wellbore was worked over in August/September 2021 to repair a production casing leak. While we successfully recovered tubing and squeezed the casing, producing over 100 BOD for several days, an apparent gravel pack collapse caused the well to sand up. Due to the poor condition of the existing wellbore, we are proposing a complete replacement well drilled from the current well pad to efficiently recover the remaining reserves.
Our third-party reserves company, D-O-R Engineering, has calculated proven reserves (effective January 1, 2024) as follows:
📈 Significant Upside: Historical production has consistently outperformed prior reserve estimates, providing substantial upside potential beyond the proven 180,909 BBLs.
The replacement well will target both zones with modern drilling and completion techniques, maximizing recovery efficiency. Initial production rates are expected at 100-200 barrels of oil per day from the 6,400' sand, with additional production from the Marg 1 upon completion.
Projected returns based on 180,909 BBLs proven reserves, 70% Net Revenue Interest, and various initial production rate scenarios. Projections use 10% annual decline rate based on historical field performance.
| Timeline | Avg BOD | Total BBLs | @ $50/bbl | @ $55/bbl | @ $60/bbl |
|---|---|---|---|---|---|
| Year 1 | 143 | 52,245 | $1,828,575 | $2,011,433 | $2,194,290 |
| Year 5 | 105 | 222,555 | $7,789,425 | $8,568,368 | $9,347,310 |
| Year 7 | 92 | 293,805 | $10,283,175 | $11,311,493 | $12,339,810 |
| Year 10 | 79 | 384,525 | $13,458,375 | $14,804,213 | $16,150,050 |
| Timeline | Avg BOD | Total BBLs | @ $50/bbl | @ $55/bbl | @ $60/bbl |
|---|---|---|---|---|---|
| Year 1 | 119 | 43,538 | $1,523,830 | $1,676,213 | $1,828,596 |
| Year 5 | 87 | 185,463 | $6,491,205 | $7,140,326 | $7,789,446 |
| Year 7 | 76 | 244,838 | $8,569,330 | $9,426,263 | $10,283,196 |
| Year 10 | 66 | 320,438 | $11,215,330 | $12,336,863 | $13,458,396 |
| Timeline | Avg BOD | Total BBLs | @ $50/bbl | @ $55/bbl | @ $60/bbl |
|---|---|---|---|---|---|
| Year 1 | 95 | 34,675 | $1,213,625 | $1,334,988 | $1,456,350 |
| Year 5 | 70 | 148,370 | $5,192,950 | $5,712,245 | $6,231,540 |
| Year 7 | 61 | 195,870 | $6,855,450 | $7,540,995 | $8,226,540 |
| Year 10 | 52 | 256,350 | $8,972,250 | $9,869,475 | $10,766,700 |
Methodology: Net revenue calculated at 70% NRI after deducting estimated operating costs of $20/bbl. Projections use 10% annual decline rate based on historical Upper Frio field performance. All figures represent net cash flow to investors after operating expenses, before capital recovery.
ROI Timeline: At $60/bbl and 150 BOD initial rate, capital payback occurs in approximately 12 months. Conservative 100 BOD scenario achieves payback in 18 months. Full reserves exceed projections, providing significant upside.
💰 Revenue Distributions: Monthly distributions begin approximately one month after first oil sales at WTI pricing. Investors receive proportional share of 70% NRI based on participation level.
192,000 barrels already produced from 6,400' sand validates reservoir quality and reserve estimates.
Four-way closure confirmed by modern 3D seismic data, available for review in Lafayette, LA.
D-O-R Engineering third-party evaluation provides credible, conservative reserve estimates.
Well pad, gathering systems, and production facilities already in place, reducing capital requirements.
Operator Sibley and Driller Key Drilling bring decades of Louisiana experience to the project.
Past production exceeded prior estimates, suggesting conservative current projections with upside.
Total time from funding to first revenue distribution: Approximately 6 months
This is a limited opportunity for accredited investors to participate in a proven, low-risk oil development project with attractive returns and near-term production.
Contact Dean Ivey
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