Fox Petroleum announced Tuesday that it is negotiating with a central Texas based oil company to take over existing operations of oil leases located in the Grand Cheniere Field in Cameron Parish, Louisiana.
Currently, the property has one oil well that can produce approximately 10 barrels a day (bopd) and one salt water disposal well.
"This transaction should provide Fox with long term operating income as well as a small working interest ownership. An opportunity to purchase additional working interest and joint involvement in other projects is also contemplated," said James Renfro, President of Fox Petroleum.
Renfro Energy LLC is a Dallas, Texas based limited liability company formed in March, 2002 as an asset holding company to house existing oil and gas assets located in Texas, Oklahoma and for acquisitions identified in Louisiana.
Since 1995, Renfro Energy LLC and its predecessor company have bought and sold over $6 million of oil and gas properties through approximately fifteen acquisitions. The assets are located in Johnson Bayou, Louisiana on the northern flank of the Cameron Meadows Salt Dome. Renfro Energy is currently investigating through 3-D seismic reserve potential of 200,000 to 500,000 barrels of oil.
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