Missouri: Deerfield heavy oil projects suspended

Oct. 5, 2011
Gravis Oil Corp., Calgary, formerly MegaWest Energy Corp., elected to suspend operations at its Marmaton River and Grassy Creek thermal oil recovery projects in the Deerfield area of western Missouri.

Gravis Oil Corp., Calgary, formerly MegaWest Energy Corp., elected to suspend operations at its Marmaton River and Grassy Creek thermal oil recovery projects in the Deerfield area of western Missouri.

The company based the decision on various cost factors, the company’s financial position, and current market conditions. Gravis is investigating ways to increase shareholder value, including either joint venture partners or farmouts to develop the heavy oil Missouri properties.

The company has an operated 90% working interest in more than 15,400 acres of land prospective for heavy oil development and has identified a number of additional potential steam injection projects in Missouri. It has an average 70% working interest in 73,241 acres of undeveloped land prospective for heavy oil in Missouri, Kansas, Kentucky, and Montana.