About Eno Petroleum Corporation
For over 40 years the success of ENO PETROLEUM CORPORATION has been attributed to its rigid selection of its drilling prospects.The resultant targets of the selection process of Eno have always been the low risk, shallow vertical drilling with the moderate Estimated Ultimate Recovery reservoirs that continue to produce 10 to 15 years or more with extremely attractive economics, commonly known as "the bread and butter" of the industry.
It is the selection process used by Eno for over 40 years that eliminated so many prospects at the initial stage that has made possible the success rate of over 82% experienced by Eno.
While Eno has a success rate of over 82% on prospects it launched or participated in, it has also disqualified over 75% of prospects from the outset.The evaluation process used by Eno eliminates wasted time and resources on prospects that while looking prospective, did not pass the strict selection criteria. Of the prospects that were chosen to drill, not all were commercially successful.On the other hand, every declined prospect was also a failed well. The chart below illustrates the effectiveness of the EPC selection process.
This chart covers 286 prospects that have crossed the desks of EPC over the years. Of the 286 only 224 (78.3%) made it past the initial review stage.
286 prospects were evaluated from 1978 to 2019
- 224 failed to meet the approval criteria of Eno
- 62 passed the Eno criteria, of which 51 were completed as commercial wells, 10 were plugged and abandoned as non-commercial wells, and one (1) is awaiting commencement of drilling planned for 1Q 2020.
Of the 62 prospects that did meet the initial review criteria and went on to become EPC prospects, 82.3% were completed as successful commercial wells.
Exploration companies generally learn as much from failed drilling attempts as from successful commercial producers.It is a standard industry practice to perform a “postmortem” study on failed prospects.Eno did not perform these studies to any great degree on the 224 prospects it declined, however results revealed that none of the prospects declined by Eno ever finally produced a commercial well.
This selection process has enabled Eno to locate and secure a highly desirable prospect in the Permian Basin of Southeast New Mexico, which has all the indicators of a successful conventional drilling prospect, stacked pays, an enclosed anticlinal structural trap and the projection of high economics and very low risk.
Larry Milnes – CEO
- Past: President of Federal Lease Filing Services Corporation
- Current: Founder, Chairman and CEO of Eno Petroleum Corporation
Larry started in the oil business over 40 years ago. Prior to starting Eno Petroleum Corporation, Larry was a wholesale loose diamond broker covering 7 states in the Midwest from 1971 to 1977. Larry completed a one-year graduate course in 1978 at the Gemological Institute of America in Santa Monica, Ca. and then joined Federal Lease Filing Services Corporation rather than return to the Midwest.
Larry excelled at FLFSC and was appointed President in 1980.Larry found an affinity for the oil and gas industry and had already started his own oil company and was winning his own oil and gas leases from the BLM and Department of Interior.Larry’s training included placing applicants into the Bureau of Land Management and the Department of Interior’s simultaneous oil and gas lease lottery program.
The upstream oil and gas exploration and production business always starts with the mineral lease, and Larry has always shown a very high level of skill in the selection of highly prospective leases.
Eno Petroleum Corporation has never wanted to take the role of an operator.The company’s success is attributed to its business model. Eno Petroleum does not maintain a fully staffed, fancy office and high overhead funded by investors.Eno has a large base of expert consulting geologists, engineers, lawyers and tax accountants who specialize in oil and gas activities. Operations are generally assigned to project management firms and their consultants on a location priority basis.
When you work with Eno, you will always have direct, and some will tell you “unlimited” access to the most knowledgeable person in the company…. Larry Milnes.