Explortex to Drill Tx. Wells
Explortex has entered into an agreement with Mesa Resources, Inc., to participate in the development of Mesa's 220 acre Bridges lease located in Palo Pinto County, Texas.
The Bridges lease is located in a historically productive area of Palo Pinto County on the eastern shore of Possum Kingdom Lake on Highway 16 near the town of Graford.
The Bridges lease has multiple productive zones from 1,100'-5,000’ in total depth and has existing production. There are also several offset producing wells in all directions on the adjoining leases.
Both Explortex and Mesa agree that with oil prices hovering around $100.00 per barrel, this is a prime opportunity to drill these relatively inexpensive wells. The AFE of each well is estimated at $550,000 per well.
In Mesa’s initial 3 well program, Explortex will acquire as much as a 50% Working Interest in each well to test multiple targets underlying the Bridges lease.