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(100% working interest)
IOG acquired 200 acres within the Sheep Springs oilfield in January 2010. Sheep Springs is situated adjacent to the Cymric Oil Field in the San Joaquin Basin, west of Bakersfield and produces both oil and gas at commercial rates. Production from this field has had very low decline rate and has strong economics with low lifting costs.
Sheep Springs consists of 8 producing wells and has multiple stacked pay zones (see below). An east-west cross section below through the IOG leases illustrates the multiple oil-filled reservoirs (in green) in the area.
Virtually all of the current production is from the Carneros reservoirs. Incremental has no present plans to drill additional wells into these zones. The shallower ‘21’ and Fitzgerald reservoirs also have considerable future development potential, primarily involving steam injection to decrease the viscosity of the heavy oil.