X-Change Corporation announced through its subsidiary, Cress Oil, Inc. a joint venture with Nomad Energy, Inc. to provide drilling, and well services in the newly acquired 109,000 mineral acreage position in the Bakken Shale and Three Forks formation. Cress Oil expects to lay out more than $200 million in capital expenditures to explore and produce on the newly acquired mineral acreage throughout the next five years.
Nomad Energy provides services worldwide to more than four hundred different service and operating companies. Services range from drilling and completion technologies to performing dynamic and static reservoir studies all the way through integrated project management. Nomad can provide field production strategies, operations, integrated project management and deliver discreet well site services.
"We are pleased to have Nomad Energy work with us to explore and drill in our newly acquired acreage position," said Atul Trivedi, chief executive officer of Cress Oil and X-Change Corporation. "Nomad Energy's team has more than 90 years' experience and expertise with companies such as Schlumberger, Halliburton, and other large oil companies in conventional and unconventional oil and gas plays. The company has experience in drilling for both on-shore and offshore drilling projects. We have the utmost confidence in Nomad Energy to accomplish the large drilling project the company has planned for the next five years ahead."
"We are very excited to work with Cress Oil, Inc. for we have incredible knowledge and experience drilling and completing projects in various type drilling projects," said Dan Morrison, chief executive officer of Nomad, Energy. "We select the surface and bottom hole locations for optimum penetrations, and can intersect multiple reservoir targets that is in the Bakken Shale formation."
Cress Oil will expand its operations and offices in Montana and North Dakota. The company currently has offices in Houston and Dallas, Texas.
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