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Winstar, UltraStar sign exploration agreement with Chroma Energy
Kristen Nelson, PNA editor-in-chief
Winstar Petroleum LLC and UltraStar Petroleum LLC of Anchorage have struck a deal with Chroma Energy Inc. of Houston, Texas, for evaluation of exploration prospects.
Amorah LLC, a wholly owned subsidiary of Chroma, has signed an exploration agreement with Winstar and UltraStar to generate prospects in support of their exploration activities on the North Slope of Alaska.
Under terms of the agreement, the companies said, Chroma will evaluate seismic data that Winstar and UltraStar have licensed from BP and ConocoPhillips over the last several years, using Chroma Energy’s proprietary pattern recognition and pattern enabled visualization software.
Success rate high Jim Weeks, CEO of Winstar and UltraStar, told PNA this is the first time Chroma’s technology will be used to evaluate Alaska prospects.
He said Chroma Energy has a success rate of more than 75 percent in finding oil and gas. In addition to a success rate of eight out of 10 wells, Weeks said, Chroma advised against drilling five wells which were subsequently drilled: all five were dry holes.
Weeks told PNA in early October that the company has postponed a planned first-quarter exploration well on its lease north of Kuparuk until the second quarter. The 1,280-acre offshore lease is one-half mile northeast of Oliktok Point. He said Chroma will evaluate the prospect at Oliktok Point in November and will look at prospects in the Badami-Liberty area in the first quarter. If Chroma’s technology is successful for seismic at these North Slope prospects, Weeks, said, it could even provide direct indication of hydrocarbons.
Chroma analyzes seismic data Don Voelte, CEO of Chroma Energy, said in a statement: “This agreement represents another significant step in the growth of Chroma’s business. We are pleased that Winstar and UltraStar have recognized the value of Chroma’s exploration experience and proprietary technology, and are excited to prospect in this prolific oil province.”
Chroma specializes in exploration and development projects, the company said, and develops high quality prospects by applying its pattern recognition and pattern enabled visualization technology. ImageGeneticsTM and ChromaPatternTM perform pattern analysis of massive amounts of seismic data by using the implicit geologic information, present but hidden in the underlying seismic data. Chroma said its ChromaVisionTM is the only 3-D geoscience visualization application with pattern recognition built into the 3-D fabric of the application. The proprietary methods are protected by patents.
Headquartered in Houston, Chroma Energy maintains its research and development in Boulder, Colorado. For more information, visit www.chromaenergy.com.
Leases over more than 23,000 acres Winstar, founded by John Winther of Petersburg and Dale Lindsey of Seward, is an exploration company with more than 12,000 leased acres acquired in 1997 and 1998. UltraStar, formed in 2001, added to Winstar’s leasehold position at the Badami and Liberty field areas on the eastern North Slope. The companies have more than 23,000 acres of state lands under lease, making them the sixth largest leaseholder of the 21 small independents and individuals with positions on Alaska state acreage. Both companies are headquartered in Anchorage.
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