Thoroughbred Partners with Chesapeake Energy to Target STACK Oswego Trend

Thoroughbred Ventures, a Texas-based oil and gas investment firm, announced today the successful drilling and completion of their latest oil well project in the Anadarko Basin STACK Play.  Thoroughbred partnered with Chesapeake Energy to drill the Bradford 5-18-5 1H Well in Kingfisher County, Oklahoma to test the Oswego Formation.  The well was drilled to a measured total depth of 11,750’ and reached an initial 24-hour production rate of 1,130 Bbls of oil along with 3,677 MCF of gas from the Oswego.

Since first entering the STACK (Sooner Trend Anadarko basin Canadian and Kingfisher counties) Play and SCOOP (South Central Oklahoma Oil Province) Play several years ago, Thoroughbred and its partners have successfully participated in wells targeting the Woodford, Springer and Meramec Formations. But participation in CHK Bradford’s Oswego well was the first of its kind for the company.

Trent Davis, Chief Executive Officer of Thoroughbred Ventures, commented, “We are excited for our company and for our partners on the success of the Bradford Well and the potential of the Oswego formation in this area,” said Trent Davis, Chief Executive Officer for Thoroughbred Ventures. “Currently, we have plans to drill four more Oswego wells in Kingfisher County, Oklahoma over the next several months, and are actively working to acquire additional acreage to add to our Oswego drilling inventory for 2018.”

To date, Thoroughbred and its partners have acquired actively developing non-operated acreage throughout the STACK and SCOOP Plays in Kingfisher County, Custer County, Canadian County, Grady County and Garvin Counties. “The STACK and SCOOP have been our primary focus for acquisition due to their ability to generate significant returns in this low oil price environment,” Davis explained. “Not only have the wells here cost less and performed better in comparison to our other developments, but expenses for operating, transportation, and production tax have been much lower. Furthermore, we are getting paid full WTI spot price for the oil and often times a BTU bonus on the rich gas being produced, which gives the area an advantage versus areas like the Bakken where you get paid a much lower oil price than WTI spot due to the quality differential.”