As part of this alliance, Milestone will provide oil and gas consulting services, geologic evaluations of potential areas of interest, research on available acreage and leaseholds, technology assessments and feasibility studies of surface equipment as well as field and pipeline infrastructures. For its part, Saxon will provide working capital, financial and operational oversight, reservoir engineering and act as operator in any development programs.
Shallow drilling objectives, favorable lease terms, excellent per well average reserves, and proximity to infrastructure make Kansas an excellent growth area for Saxon. "We are excited about aligning with Milestone in Kansas," commented Richard G. Green, president and CEO of Saxon. "Kansas is an excellent state for acquiring and developing low-cost oil and gas reserves. Saxon has extensive experience and knowledge of Kansas which we will leverage in this strategic alliance."
Historically, Kansas ranks fifth among states in the United States in cumulative production with over 30 trillion cubic feet of gas (Tcf) and over 6.6 billion barrels of oil produced to date. Saxon will begin work in central Kansas, where significant oil and gas reserves remain. In addition, central Kansas holds some of the largest reserves of helium in the world, a quickly depleting commodity that currently sells for more than $70 per thousand cubic feet.
Saxon Oil Company is a Tier One Texas-based Canadian independent oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves.
Most Popular Articles
From the Career Center
Jobs that may interest you