About the Company
Creston Resources Ltd. is an emerging oil and gas exploration and production company, which is concentrating on the development of its approximately 17,000 held by production (HBP) acres in the prolific Uintah basin of Utah. Creston, and its wholly owned subsidiary Homeland Gas & Oil, is currently ramping up production of high-quality oil. The company's strategy includes increasing production by reworking its lower production wells (which may include, in some cases, perforating new zones) and strategic drilling of new wells from among the offset and infield locations available on its acreage. Most locations are believed to offer multiple prospective pay zones, from moderately shallow to moderately deep.
About the Uintah Basin
The Uintah Basin is considered one of the most petroliferous areas in the country. Oil and gas production in the Uintah Basin began in the late 1940s, with major development in the 1960s, and expanding in the 1970s and 1980s. Since the 1980s there has been a surge of exploration and production activity in the basin, with thousands of wells being drilled and completed. Within the last decade, the use of the latest oilfield technological advances, including 3D seismic methods, has yielded significant discoveries in previously unproductive formations, opening up thousands of acres of the basin for exploration and development. More than 300 million barrels of oil (BO) have been produced from the Bluebell/Altamont field alone, and in 2004 combined total production from Duchesne and Uintah counties (in which over 95% of the company's acreage is located) was 9,615,191 BO (65% of the total oil produced in Utah in 2004) and 146,118,755 MCF of natural gas (49% of the total gas produced in Utah in 2004).