Innova Exploration, Inc. is a small independent oil and gas exploration company, located in Traverse City, Michigan, that is committed to building oil and gas reserves by generating high quality, technically oriented prospects.
The principal and President of Innova Exploration, Inc., Ron Budros, began his career as a geologist with Continental Oil Company (CONOCO) and has developed a strong technical background in geology, geophysics and geochemistry. He is an AAPG Certified Petroleum Geologist. Although he has worked internationally and in numerous basins in North America, he has concentrated for over twenty years in the Michigan Basin and the Northern Appalachian Basin. Innova Exploration, Inc. was formed in 1998 from the reorganization of Lithos Exploration, Inc., a company founded by Ron Budros in Texas in 1981 which relocated to Traverse City in 1987.
Innova explores primarily in the Michigan Basin. Historically, the Niagaran Reef Trend has been the primary exploration target. The reef trend offers strong economics with oil wells having produced an average of 100 MBO with .25 BCF in the Southern Reef Trend and 300 MBO with 1+ BCF and in some cases over 2 MMBO with 15 BCF in the Northern Reef Trend. Average gas wells have produced 1-2 BCF in the Southern Reef Trend (excluding Southeast Michigan) and 3-5 BCF in the Northern Reef Trend. Southeast Michigan gas reefs have produced 50 BCF and the maximum gas reef in the Northern Reef Trend has produced over 50 BCF as well. Although the reef trend is somewhat mature, there are still considerable exploration and exploitation opportunities available. Innova has shown that it requires a more detail-oriented, technical approach integrating all aspects of geology, geophysics and engineering to maintain a reasonable rate of success.
The other main Innova conventional exploration project is hydrothermal dolomite (fracture-controlled dolomite) reservoirs in the Dundee Formation and the Trenton-Black River Formation. The Dundee has proven to be a highly prolific producing interval within the Michigan Basin with over 350 million barrels of oil produced to date. The best Dundee production comes from Deep River (27MMBO) and North Adams (9MMBO) Fields, with individual wells averaging 250 MBO on ten-acre spacing. These fields are hydrothermal dolomite reservoirs similar to the Trenton-Black River Albion-Scipio Trend (123 MMBO). Deep River and North Adams Fields, as well as the Albion-Scipio Trend, were discovered by serendipity in the 1940’s and 1950’s, respectively. Recent hydrothermal dolomite Trenton-Black River discoveries in Ontario, Southern Michigan, Ohio and New York indicate that exploration technology, specifically reflection seismology, has progressed to where it can be used to deliberately search for hydrothermal dolomite reservoirs. Innova Exploration, Inc., despite its size, has been an industry leader in developing sophisticated geological and seismic techniques for hydrothermal dolomite exploration.
Innova also is involved in unconventional Gas Shale programs in the Michigan Basin and the Northern Appalachian Basin where the strong background in geochemistry has been applied. In the Michigan Basin, Innova has been involved in Antrim Shale projects. In Northern Appalachian Basin, Innova is working on Devonian-aged Shale plays in Ohio and New York as well as Ordovician-aged Utica Shale plays.
Innova builds reserves with a balanced program of exploitation and exploration prospects, as well as, value-added production purchases. Funding comes from internal cashflow and industry partners.
Innova has had a long-standing commitment to data acquisition. It has an extensive engineering and production database, as well as, a large, in-house seismic database. Innova also has a complete Michigan well database on microfiche and on computer, including a digital landgrid. Innova also has a complete digital database for the Northern Appalachian Basin. Computer facilities include Geographix software with 2D/ 3D seismic workstation plus seismic modeling and synthetic seismogram generation capabilities.
Innova Exploration, Inc. is well established in Traverse City and the Michigan/ Northern Appalachian oil and gas industry. Innova has a comprehensive network of competent consultants and subcontractors. Thus, Innova has the ability to conduct complete exploration, drilling, completion and production operations.