Houston-based Texas Oil and Minerals has signed a letter of intent to develop a 258-acre oil field in Brazoria County. This is the company?s second acquisition in the prolific Damon Mound Field.
Hundreds of wells have been drilled in this field, with the average well producing around 60,000 barrels, the company said. The field has produced more than 5.6 million barrels total.
The existing wells in the area will be re-entered and cleaned, and the company will start drilling in early 2012. Texas Oil and Minerals will close on the lease by Sept. 30.
?We are very pleased with our initial acquisition and believe this additional acquisition continues the company?s development plans to further increase the asset and cash flow models,? Tom Gouger, CEO, said in a prepared statement.
Houston-based Texas Oil and Minerals has signed a letter of intent to develop a 258-acre oil field in Brazoria County. This is the company?s second acquisition in the prolific Damon Mound Field.
Hundreds of wells have been drilled in this field, with the average well producing around 60,000 barrels, the company said. The field has produced more than 5.6 million barrels total.
The existing wells in the area will be re-entered and cleaned, and the company will start drilling in early 2012. Texas Oil and Minerals will close on the lease by Sept. 30.
?We are very pleased with our initial acquisition and believe this additional acquisition continues the company?s development plans to further increase the asset and cash flow models,? Tom Gouger, CEO, said in a prepared statement.
Source: http://feedproxy.google.com/~r/vertical_16/~3/sbOgW_5t8Ls/texas-oil-and-minerals-purchases.html
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