Osyka has signed a letter of intent with Viper SWD to acquire Una West Field, an oil field located in Victoria County, Texas. Currently, the field has two working wells producing a combined 20 barrels of oil a day and eight shut-in wells.
"This field is very promising and the eight shut-in wells may have upside potential to produce both oil and gas," said founder and CEO Michael Harness. "With this acquisition, Osyka has the opportunity to enhance its cash flow. We are anticipating a closing date by November 30th."
The company's management team has a strong track record of finding underdeveloped oil and gas exploitation opportunities principally in the onshore Louisiana, Mississippi and Texas Gulf Coast. Currently, the company has an interest in approximately 18 wells in Texas and Mississippi, with an average working interest of 70%.
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