Looking to the future, Kelcas acquires 8,900 acres in Kentucky for a potential resource play of +400 wells. The biggest oil producer in 3 US states joins Kelcas as development partner to ensure highest quality exploration and a higher revenue from sales of oil.
A rapid decline in oil prices causes upheaval throughout the industry, but Kelcas persists in exploration efforts and continues to be profitable. In order to better foster investor relations, Kelcas develops a production reporting app, giving investors a real time view of their assets’ financial performance. Investment continues in spite of the down market.
With oil prices at a historical high, Kelcas divested of many of its performing wells in order to explore new plays. Using a highly effective new methodology, recent efforts have resulted in a success rate of over 80% on exploratory wells.
As oil prices were spiking toward unprecedented highs, Kelcas celebrated this milestone. Our proven probable reserves, and our highly successful exploration since then, indicate that a half-million barrels is just the beginning.
Under Wilhelm’s leadership, Kelcas engaged project managers, roustabout crews, rig hands, field pumpers, and a strong support staff to explore new territory. The company quickly turned profits and came into its own as a regional force.
Mr. Coulson passed in 1999. His widow sold the company the following year to Wilhelm Lilliehook, a seasoned businessman from Stockholm, Sweden. Wilhelm quickly began expanding both the company’s capabilities, and its team.
The independent firms Kelcas Corporation and Kelcas Well Services were founded by Mr. Coulson, to develop the Ohio River Basin. He established approximately 300 wells in five counties near the Kentucky/Illinois border.
Since we first started extracting fossil fuels from this part of the country, approximately 4.3 billion barrels of oil have been produced from these Midwestern, Paleozoic formations.