AmRich LLC, private Santa Maria, Calif., operator, has closed a farmout from Underground Energy Corp., Santa Barbara, Calif., under which AmRich will earn as much as a 75% working interest from Underground and its joint operating partners’ interest in 1,063 gross acres of the central southern part of the Zaca field extension project in Santa Barbara County, Calif.
AmRich is to drill three wells back to back and complete them to production and will carry 100% of Underground’s interest (OGJ Online, Nov. 8, 2012). Two are reentries of wells drilled by Texaco Inc. in the mid-1980s.
Operations at the first well are to begin by Mar. 1, 2013. This farmout initially targets the Upper Monterey, historically Zaca’s main producing zone.
AmRich also has the option to secure rights to the deeper subthrust play discovered by Underground by drilling at least one of its three obligation wells to a depth sufficient to test the subthrust play or by drilling a fourth obligation well to test the subthrust play by Dec. 31, 2014.