Lexington Resources Spuds Petta #1 Well
Lexington Resources, Inc.'s drilling affiliate, Oak Hills Drilling and Operating, LLC has commenced drilling the Petta #1 Barnett Shale well on approximately 2,835 net mineral acres currently under acquisition in Comanche County, Texas. The drilling is part of the Company's joint exploration initiative announced earlier this year with Dylan Peyton, LLC. Under terms of the agreement, the Company has a 45-50% net revenue interest in approximately 5,670 gross acres of near contiguous leases with Oak Hills established as designated operator for joint exploration development of the new acreage.
The Petta #1 well will test the Barnett Shale zone and provide data on other zones thought to be in the area of development. Both Infinity, Inc. and the Harding have leases in the Comanche County area in proximity to the Company's acreage. Harding has drilled two Barnett Shale test wells next to the Company's leases to date as part of their exploration of the area.
The Comanche County joint exploration is in addition to, and separate from, the Company's 90-100% working interest in 2,637 net mineral acres of Barnett Shale gas-target lease acreage in Tarrant, Parker, Hood, Palo Pinto, and Jack, counties in the State of Texas. This new joint venture in Comanche County brings the net acreage total to be owned by the Company to approximately 5,000 acres and further diversifies the Company's portfolio of Barnett Shale acreage. The Comanche County acreage is a step out from the evolving Barnett Shale fairway, but the 45-50% working interest diversifies risk while obtaining a larger near contiguous land package with both shallow and deep exploration rights.
Gas pipelines are located in the vicinity of the Comanche County properties acquired from Marble Falls gas wells in the area. Shallow well production in the area indicates the further possibility of Marble Falls shallow gas as further possible exploration targets. The Company plans seismic work to more clearly identify the Barnett Shale gas target and geology relating to other potential prospects on the new acreage.
- Lexington Resources Spuds Petta #1 Well (Sep 06)
- Lexington Announces New Gas Production From Peyton 1-25 (Jul 24)
- Lexington Resources Closes Equity Placement (May 17)