IPR has recently joined a U.S.-based consortium drilling oil and gas prospects in Texas, Oklahoma, and New Mexico and is encouraged with preliminary results of the first venture in Hidalgo County, Texas. The drilling program will continue through the remainder of 2006, where several rigs are under contract to drill a total of ten wells.
The majority of the prospects are covered by 3D seismic and the lease rights cover over 10,000 acres of land, with further expansion opportunities for offset development.
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