Texhoma Increases its Interest in Clovelly South


Clovelly South
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Texhoma Energy has entered into an agreement to acquire a further 5% working interest in "Clovelly South", increasing its total interest to 11%. Texhoma's financial obligation under the operating agreement is now approximately $400,000.

The prospect is located in Lafourche Parish, Louisiana and operated by ORX Resources, Inc. It is expected that drilling of the prospect will commence as soon as a rig is available.

The prospect is defined by 3D seismic and is adjacent to the Clovelly Field which has produced 35 million barrels of oil and 200 billion cubic feet of gas since its discovery in the 1950s. The drilling targets are two reservoirs at a depth of approximately 14,000 feet. The prospective size is estimated at 3.6 million barrels. In the event of a discovery, facilities for the production of the well are available. A discovery would lead to the drilling of several development wells on the 1260 acre property.

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