noun rem nant \' rem-nənt
a small remaining quantity of something.
Synonyms: remains, remainder, leftover, residue, rest; technical residuum
"the remnant of the picnic"
Remnant Oil Company, LLC was formed specifically to acquire and exploit conventional oil and gas assets within the Permian Basin. With such a major emphasis on unconventional acreage within the Permian, Remnant has created a unique niche that flies under the radar. We are able to acquire existing PDP assets that present tremendous growth via infill drilling, well optimization, and reduction of lease operating expenses.
The industry exodus to the shales has left quality conventional assets orphaned within larger portfolios and undercapitalized within the smaller independents.
Remnant Oil Operating currently owns and operates 480 wells and a leasehold portfolio of approximately 47,162 gross acres in Eddy, Lea, and Chaves counties, New Mexico. Remnant subdivides this leasehold into 2 groups of properties: the Caprock Properties and the Non-Caprock Properties.
Remnant's Caprock Properties cover approximately 15,220 gross acres, contain 174 wells and are comprised primarily of 2 large Queen Sand units, the 96-well Rock Queen Sand Unit, a CO2 Flood Unit and the 49-well Drickey Queen Sand Unit, a conventional Waterflood Unit. Miscellaneous Caprock area leases contain an additional 29 wells. All of the Caprock Properties are in Chaves County, NM.
Remnant's Non-Caprock Properties cover approximately 31,942 gross acres, contain 306 oil, gas, and injection wells in Eddy, Lea, and Chaves counties, NM located on the Northwest Shelf of the Delaware Basin. Within the Non-Caprock Properties, Remnant has identified 6 Core Areas, of which 5 are oil producing and 1 is gas producing. These 6 Core Areas represent over 85% of the total wells (261 of 306 wells) in the Non-Caprock Properties. The 5 Waterflood Projects in the Remnant PDNP Work Program & Development Plan are all in the 5 oil producing Core Areas. The gas producing Core Area contains 94 Abo gas wells that are not candidates for waterflood projects. The remaining 45 wells on the Non-Caprock Properties are in Non-Core Areas and many of these wells will be evaluated for potential divestiture at a future date