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Hydraulic Stimulation As of December 31,we had drilled and completed 28 gross operated wells located within our Spyglass Area. Each of these wells contains a lateral section that has been subjected to hydraulic stimulation in order to improve the productivity of the well.
We have contracted with industry-standard third-party specialists for both the drilling and completion phases of these wells. To date, there have not been any environmental or safety incidents, citations, or suits related to the hydraulic stimulation operations used as part of the completion of these wells.
As part of the process of drilling exploratory or producing wells, we currently expect that substantially all of the horizontal wells that we may cause to be drilled will be completed using hydraulic stimulation techniques.
We will use industry-standard, long-established third-party service providers for such endeavors.
When we initiate any new well in the future, we will determine in advance whether it will be hydraulically fractured and, if so, we will include in the planning and budgetary process all costs associated with the fracture treatment.
The costs of a well vary based on the depth to which it will be drilled, its horizontal length, and the completion technique to be used, which will include the added expenditure for the fracture treatment, as well as all related environmental and safety considerations.
Because we contract with industry-standard, long-established third-party service providers for all drilling, casing, and cementing services, we depend upon their industry expertise, safety processes, and best practices for conducting those operations.
Our management, and that of our advisors, has significant, long-term experience with the engineering required to determine where and how a well should be drilled and whether the well should be hydraulically fractured as part of the completion process. Accordingly, we believe that we will be able to determine whether our third-party service providers are utilizing proper drilling and completion techniques.
Nevertheless, we will rely on them, in the case of stimulation services, to: We and our third-party service providers are insured as to various drilling and environmental risks. Historically, we have not had any indemnification obligations in favor of those entities to whom we sell the oil that is produced from our wells and we do not expect to incur any such obligations in the future.
We rely fully on our third-party service providers to establish and carry out procedures to cope with any negative environmental impact that could occur in the event of a spill or leak in connection with their hydraulic stimulation services.
The third-party service providers would be responsible for costs arising out of any surface spillage, mishandling of fluids, or leakage from their equipment, including chemical additives. The specific chemical composition of the fluids utilized by the third-party service providers in hydraulic stimulation operations are expected to vary by project and by provider; however, we expect that the chemical composition of such fluids will meet industry standards and will be utilized in a manner that conforms to all relevant federal, state, and local rules and regulations.
In order to prevent the underground migration of fracture fluids, we, and we expect our third party service providers to, follow industry-standard practices in respect of casing, cementing, and testing to ensure good physical isolation of the fractured interval from other sections of the well.
Our well construction processes and procedures conform to all relevant federal, state, and local rules and regulations. We believe that the large thickness of rock formations between the fractured interval and any potable water sources will minimize the risk of underground migration of fracture fluids.
We would generally be responsible for any costs resulting from underground migration of fracture fluids, and we are not fully insured against this risk. The occurrence of a significant event resulting from the underground migration of fracture fluids or surface spillage, mishandling, or leakage of fracture fluids could have a materially adverse effect on our financial condition and results of operations.
To date, there have been no such incidents, nor have the members of our management team encountered such an incident in their long-term experience in this industry. Matters subject to regulation include discharge permits for drilling operations, drilling, and abandonment bonds, reports concerning operations, the spacing of wells, and pooling of properties and taxation.
From time to time, regulatory agencies have imposed price controls and limitations on production by restricting the rate of flow of oil and gas wells below actual production capacity in order to conserve supplies of oil and gas.
The production, handling, storage, transportation, and disposal of oil and gas, by-products thereof, and other substances and materials produced or used in connection with oil and gas operations are also subject to regulation under federal, state, provincial, and local laws and regulations relating primarily to the protection of human health and the environment.
To date, expenditures related to complying with these laws, and for remediation of existing environmental contamination, have not been significant in relation to the results of our operations.
The requirements imposed by such laws and regulations are frequently changed and subject to interpretation, and we are unable to predict the ultimate cost of compliance with these requirements or their effect on our operations. We have expended zero funds on research and development in each of our last two fiscal years.
We have developed and are in the process of implementing a future exploration and development plan. Employees As of March 28,our executive management team consists of Bradley M. Including members of senior management, we currently employ 22 full-time operations, financial and administrative employees.
Forward-looking statements involve inherent risks and uncertainties regarding events, conditions, and financial trends that may affect our business, financial condition, liquidity, and results of operations.
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