By capitalizing on its experience and network of contacts in the region, the Company secured an option to participate in the Washington Field Prospect, the right to buy a 5% interest in the Intra Coastal Field, and participation in the Clovelly Oil Prospect.
The company has targeted a 20% participation in the Washington Field Prospect. Developed during the 1930s - 1960s, the field produced 40 MMBBLS of oil and 300 BCF of gas. The field's operator believes that remaining recoverable reserves are equal or greater to those already produced. Two appraisal wells will be drilled next month. Pending those results, a 3-D seismic survey will be undertaken for the entire 40,000-acre lease area. The Intra Coastal Field discovered and brought into production in 2004 is currently producing 7.5 MMCFD and 150 BBL condensate per day (gross). One additional gas well will be drilled this fall and two oil wells are scheduled for drilling next year to tap a reservoir with estimated reserves of 2-3 mill bbls. The field's recoverable gas reserves are estimated at 30-50 BCF. The Company is negotiating to acquire a 5% working interest.
Texhoma has a 6% participation in the Clovelly Oil Prospect. An appraisal well will be drilled in June; the target is across a structural saddle near a highly productive area.
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