First Petroleum Secures Federal Lease in the Permian Basin of New Mexico
First Petroleum & Pipeline Inc. has secured the rights to a Federal Oil & Gas Lease located in New Mexico's Permian Basin. The lease is located in the upper half of the Permian Basin in Roosevelt County, near the Texas State line.
The Permian Basin is a strategic target area for First Petroleum. This region produces nearly 4 billion cubic feet of natural gas and 1 million barrels of oil a day amounting to 20 percent of the annual U.S. crude oil; this is a proven oil & gas producing basin and will continue to be a priority acquisition region for the company. The attainment of this lease is an additional piece of First Petroleum's core strategy to accumulate long-term producing assets that can directly impact future company expansion and profitability.
New Mexico Oil & Gas
New Mexico has proven crude oil reserves of 677 million
ranked 4th out of all U.S. States, with crude oil production
toping 181 000
barrels per day (2003), ranked 5th. There is an estimated
cubic feet of undiscovered natural gas in the San Juan Basin,
billion barrels of oil in the Permian Basin. Major producers
companies in the region include Arco, Mobil, Amoco, and
- First Petroleum Expands Colorado Oil & Gas Lease Program (Nov 16)
- First Petroleum Secures 2 Leases in the San Juan Basin of New Mexico (Nov 07)
- First Petroleum Acquires Acreage in Uinta-Piceance Basin of Colorado (Nov 02)