Energytec recently hired a full-time manager for its East Texas projects. Previously, he worked as a full-time consultant to the Company to acquire new properties and improve the East Texas Field operations. After completing the recent 35-well acquisition, the Company hired a crew to operate a Company- owned well service unit, which will be used to place the shut-in wells back on production.
President Frank W Cole commented, "This is an acquisition program on which the Company had previously completed an extensive study. Several additional offers have been made to acquire a number of additional wells." He added, "Although this project probably does not have the large potential reserves of several projects now under way, notably the Trix-Liz, the Wyoming thermal recovery project and the Redwater Pipeline project. Nevertheless, the East Texas Field Project is expected to contribute significantly to net income, while incurring small risks and controlled capital expenditures."
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