Drilling one for the Team: Ventura-based oil firm has big plans in Midwest
Team Resources, a Ventura-based oil and gas company, plans to drill 100 new wells in rural Kansas over the next five years.
In recent weeks, the company said it discovered a new oil field — a rarity in a region drilled by major oil companies since the 1950s — that could yield 20 wells and up to 2 million to 3 million barrels of oil.
The company’s strategy is to look for properties with known oil reserves that larger companies passed over because they were too small.
“It’s not an area where I’m going to hit a home run, but it’s certainly a game you can win by hitting singles and doubles, and the occasional triples,” Kevin Boyles, the founder and CEO of Team Resources, told the Business Times. “If it didn’t make 25 or 50 barrels a day, they just left these smaller reservoirs because they weren’t enough for the big companies to fool with.”