Tradestar Acquires Texas Oil Wells

Tradestar has acquired a 100% working interest in a 4 well oil field in Karnes County, Texas. The South Texas field, which has been shut in since the mid 1990s when the price of oil declined to less than $10.00 per barrel, is situated on 260 acres. Tradestar will initially focus its efforts in the Nobson Field, which has reserves of approximately 100,000 barrels. The company also has options on adjoining acreage with additional prospects.

The recompletion project, anticipated to be completed and online by mid- November, is expected to yield 25-30 barrels of oil per day. Tradestar CEO Tom Feimster stated, "This is exactly the type of project we are looking for because it meets our 'no-to-low-risk' criteria. Tradestar is not, and will not operate as a wildcat prospector. We will invest only in existing wells with proven production so that our risk is not 'if' we will recover oil or natural gas, but 'how quickly' we will recover it, and thus recoup our initial investment."

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $51.46/BBL 0.61%
Light Crude Oil : $50.52/BBL 0.64%
Natural Gas : $2.83/MMBtu 5.35%
Updated in last 24 hours