An Australian company venturing into the US, Antares and its partners first acquired the acreage in 2004, drilling four wells including two redrills of undeveloped and unproduced Morrow discoveries. Antares has elected to divest all of its interests, which are in Ellis and Beaver Counties, Oklahoma and Lipscomb County, Texas and focus on its present core area of operations along the Texas Gulf Coast.
The combined Gross production, averaged over the three months ending 31 December 2006, was 1,648 MCFD and 74 BOPD with Net production of 536 MCFD and 23 BOPD. Antares' Net Operating Income has averaged $118,175 per month. Antares acreage is on 17 contiguous full sections in Western Ellis County, Oklahoma including part of a section in Eastern Lipscomb County, Texas and three full sections in north central Beaver County, Oklahoma.
Active zones from the company's six wells include the Lower Morrow gas sand, the Upper Des Moines oil sand, the Atoka condensate sand and the Tonkawa sand. Additional behind pipe potential has been identified in the Des Moines on 2 wells, and also 14 possible drilling locations to test the Morrow, Atoka, Des Moines, Cleveland and Tonkawa potential on their acreage. Recent horizontal drilling in the Cleveland Formation nearby has yielded flow rate up to 1200 BOPD with 3.3 MMCFPD resulting in a significant increase in reserves for this play.
PetroSales is offering these properties by negotiated sale. Offers have been requested by March 23rd, 2007. PetroSales is making data available on DVD and in an Online Data Room.
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