WEYBURN, Saskatchewan – Regina-based New Tech Resources, a 5-person startup headed by Mick Gooblesen, claims that he and his team have conceptualized an oil and gas recovery method that, in the CEO’s own words, “will revolutionize the industry on a global scale.” Mr. Gooblesen’s plan: to increase production and access additional PNG reserves by drilling sideways wells.
Our research indicated that the vast majority of existing vertical wells produce at low rates and at the end of their lives, recovery is very low. But by drilling wells sideways, we can extend the reservoir to increase productivity and reserves. And if the rock down there is very tight, then I’ve thought of an idea where we can force water into the well under high pressure to fracture the reservoir, thereby extending the well’s reach even further. It’s win-win-win. – Mick Gooblesen, President, New Tech Resources
The company is unsure if drilling technology exists to drill sideways wells. Mr. Gooblesen continues, “Although our models show that the concept should work in theory, we’re just not sure if wells can be drilled sideways. We see service companies that can drill wells horizontally, but not sideways.”
At a press conference held last week at the Radville Country Inn to reveal the sideways well drilling concept, New Tech Resources was challenged by industry experts and analysts that the technology currently exists.
Mr. Gooblesen, how are your sideways wells any different from the tens and tens of thousands of horizontal wells that currently exist in Western Canada?
They seem to do, and have been doing for quite some time, exactly what you propose your sideways wells will do.
THEY ARE THE SAME THING! – Allan Thin, Chair of the Western Canadian Horizontal Well Association
According to reports from attendees of the press conference, Mr. Thin’s question was the first and last question posed to New Tech Resources, and it went unanswered.
Officials from New Tech could not be contacted for comments and it appeared that their downtown Weyburn office had been vacated in haste. Thousands of Saskatchewan residents who had invested considerable money in the startup are looking for answers from the 5 men who apparently bilked them out of tens of millions of startup capital under what some would call dubious pretenses.
A class action suit has been filed against the principals of New Tech Resources, and once they are located, a court date will be set and they will have to defend their business and investment strategies.