Publicly Traded Oil & Gas Exploration and Production Company With Operating Projects in Texas, Louisiana and Illinois Looking for Acquisition Capital
Today we introduce to you an established Oil and Gas exploration and production company with operations in Texas, Louisiana, and Illinois. The Company’s objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential. The Company has an established land portfolio encompassing 5,236 gross developed and undeveloped acres in Louisiana, Texas, and Illinois. The current acreage includes producing wells as well as many exploration targets.
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Current Operations:
Texas
The Company has leased a 1,043 net acres in South Texas identified through its acquired 303 sq. mile 3D seismic database. The Company’s exploration team believes that the data suggests that the property contains significant gas and condensate reserves. It is anticipated that a drilling program of several wells to test the zones could commence shortly.
Louisiana
The Company has current production in Louisiana. The wells are situated adjacent to Denbury Resources (NYSE:DNR) recently acquired Delhi Field ($50 million acquisition). Denbury plans a secondary/tertiary recover project using CO2 injection. Optimization efforts have steadily increased daily production.
Illinois
The Company has leased over 560 acres in one particular field which previously produced 1.6 million barrels of oil. A waterflood pilot program is currently being designed to be initiated in late 2010. Depending upon the results of this pilot program, full stage recovery operations would be designed and implemented. Targets range in depth from 2,000’ to 4,000’. Leases acquired to date are primarily 87.5% Net Return Interest. The Company estimates that it could potentially recover 500,000 to 1 million additional barrels of oil through water flooding.
The Illinois State Geological Survey (ISGS) has estimated the Illinois Basin has the potential to recover approximately 4 billion barrels of oil
Second project- Illinois
The Company has identified a second potential waterflood target in the Illinois Basin. Like the first target mentioned above, this prospect is in a previously producing oil field that could host significant recoverable reserves through water flood recovery. The Company has determined that the oil field previously produced an aggregate of approximately 1.7 million barrels of oil. Nearby water floods in the same zones have yielded recovery rates of 80% of primary production.
Second Project – Texas
The Company has completed the placement of all available working interest in this prospect and plans to begin drilling operations in October 2010. The target well is an off-set to a previously producing well that went offline due to mechanical failure. The prospect lies in a field which, according to the State of Texas, hosts 87 productive oil and gas zones.
The Company has additional leases and production information that can be obtained upon request.
Management:
The Company draws on the talents of an internationally recognized team of geologists, engineers, and executives with extensive oil and gas exploration and production experience. Company’s management team has more than 150 years combined oil and gas industry experience.
President and CEO: Experienced oil and gas operations and financial professional with background in land-based E&P operations with public companies. Was formerly President of a wholly-owned subsidiary of a publicly traded firm with operations primarily focused in Texas and Louisiana. M.B.A. and M.S. from Northeastern University.
VP of Operations: Registered Professional Engineer with 25 years of management and engineering experience in oil and gas exploration, production operations, reservoir management and drilling. Served as Operations Manager and Operations Engineer for a large oil company from 1990 to June 2003. Has a B.S. in Petroleum Engineering from the University of Texas at Austin.
Chief Geologist: Extensive Illinois Basin exploration and production background as well as significant E&P experience in South Texas. Obtained both his B.S. and M.S. degrees (Geology) from Southern Illinois University. Previously, worked with several exploration and production companies, including Atlantic Richfield. Responsible for 22 discoveries in South Texas – all 10 BCF or greater.
Opportunity:
The company is seeking a long-term financing of up to $50,000,000 for acquisition of cash-producing assets. We have quite a bit of material we can send to you, so please email or call me for additional information or any questions that you have and we will have the company respond to you immediately.
