A new discovery like Bateman Lake would take a multi million dollar investment to drill the initial exploration well and subsequent development wells. The Company's on going recompletion of additional existing wells in Bateman Lake is estimated to require a substantially lower level of capital expenditures thereby improving well economics," said Marshall Smith, CEO of VTEX Energy, Inc.
The Field Evaluation of the Bateman Lake Field included all pertinent geology and engineering information available in order to identify and prioritize these workovers and recompletions.
The Bateman Lake Field is a mature oil and gas field that Texaco first discovered in a widened portion of the Atchafalaya River. By 1950, Sun completed its first well, the Bateman Isle Unit No. 1. The Bateman Lake Field has cumulative production to date of 2.7 TCF and 58 MMBO.
Discussions are underway with potential partners for further field development.
VTEX Energy, Inc. is an independent oil and gas exploration and production company with offices in Houston, Texas. The Company is engaged in the acquisition, development and production of oil and natural gas reserves. The Company currently has two properties--Bateman Lake Field and Mustang Island Field, which is located offshore Kleberg County, Texas--with estimated future net cash flows (discounted at 10%) from proved oil & gas reserves of approximately $30,500,000. These reserves are concentrated in two fields: Bateman Lake and the Mustang Island 818-L field located offshore in Texas State waters.
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