Sciacchetano, who has been active in the Louisiana oil business for the past twentyfive years. Mr. Sciacchetano has served as president of the USA Wrestling Federation, and has been the coach of the US Olympic Wrestling Team three times, during which he toured Russia beginning in the mid-eighties. During his tours of Russia, Mr. Sciacchetano established friendships with many Russian leaders, including current executives in the oil and gas industry.
Summary of Oil Deposits
Pentagon Petroleum has sent independent consultants to the region to evaluate the resources and to recommend an exploitation program, with the resulting reports extremely positive. The consultants found “the similarity between the salt structures of the North Caspian Basin and those of the Northern Gulf of Mexico is amazing. Like the Gulf Coast, the salt tectonics of the North Caspian Basin involves both vertical diapirism and lateral flow of salt into sheets. The end result … is to create a whole variety of structural traps”. “There is one certainty about the basin. It generates oil and natural gas. In the Verbluzzia Field, four out of six wells were drilled flowed high gravity oil. Oil was found in the Cretaceous limestone, the Cretaceous sands, and the Jurassic sand.” “The chance for exploration success is greater for prospects in the North Caspian Basin than for analogous prospects of the present-day offshore Gulf of Mexico.”
Verbluzzia Field – This field has five blocks and is quite complex. Blocks 1 and 3 have been tested and have commercial deposits of hydrocarbons. Block 1 has three wells drilled, with a small reservoir proven which needs workover, with a larger reservoir anticipated. Block 3 has two wells drilled, with three productive reservoirs found with extensive serial coverage. Block 1 deposits are located within Jurassic and Cretaceous deposits, with Jurassic deposits at a depth of only 1600 meters. Oil reserves in this deposit are 989 thousand tons geographic / 418 thousand tons recoverable by C1 category and 382/173 thousand tons by C2. Block 3 deposits were discovered in 1993 in the Terrigenic interval containing three productive reservoirs at depths of 1117-1436 meters, with reserves of 6947 geological / 1611 thousand tons recoverable by C1 category and 26655 / 6184 tons by C2. Blocks 4 and 5 are yet to be fully explored and tested. Total reserves proven to date of the Verbluzzia Field are 34,973,000 metric tons geological (251,805,600 BBL) and 8,386,000 tons recoverable (60,379,200 BBL).
Recent tests have confirmed the presence of oil in the Upper Cretaceous interval (90 feet thick) across the Verbluzzia structure with estimated recoverable reserves of 12,000,000 metric tons (86,400,000 bbl. )