EGPI Firecreek to acquire oil and gas projects in Texas
Oil and gas exploration and production company EGPI Firecreek has signed a letter of intent with Templar PetroConsultants to acquire, rehabilitate and develop west Texas oil and gas projects, with wells and field operations in Haskell, Shackelford and Jones counties, Texas.
Templar will be the proposed operators and minority partners. There are presently 38 wells, 14 of which are producing, with 24 shut-in wells that can be brought back into production. There are over 50 proved undeveloped or inside locations to be drilled to the existing proved producing formations with four or more identified formations behind the pipe for future development.
In addition to the initial acquisition costs and proposed operations; operators have identified 12 wells for an initial rehabilitation programme. Based on field review and discussions with lease management, the cost of rehabilitating these wells is estimated to be approximately $300,000.
Based upon the success of its repair, service and rehabilitation programme, it is anticipated that operators will propose a capital expenditure budget for a development drilling programme that will drill between 18 to 20 new wells on proved inside locations adjacent to the producing formations.
The wells shall be drilled in five well increments. Concurrently, it is envisioned that operations will perform various 3D seismic surveys over selected portions of leased acreage to identify potential producing formations such as the Palo Pinto Lime, Conglomerates, Mississippi or Pennsylvania Reefs and the Ellenburger.
Related posts:
- Enterprise, Oiltanking Holdings to build Texas offshore oil port
Enterprise Products Partners and Oiltanking Holding Americas have formed a joint venture to design, construct, own, and operate a new... - Tiger Resources Limited Plans To Acquire Copper/Cobalt Projects
Tiger Resources Limited (ASX: TGS), an Australian junior explorer based in Perth, plans to complete a bankable feasibility study on... - Galloway Energy West Texas Project Drilling to Commence
RENO, NV–(Marketwire – April 24, 2009) – Galloway Energy Inc. (PINKSHEETS: GWGI) (”Galloway” or the “Company”) wishes to advise that...
Comments
Leave a Reply
