Lasso Partners, LLC announced the acquisition of operations and substantial working interest in over 20,000 gross acres in Franklin Parish in east central Louisiana. Associated with the acquisition are five wells, three in the process of re-completion, and two producing approximately 190 barrels of oil and 250,000 Mcf of natural gas per day from the Lower Tuscaloosa pay between 8,000 and 9,000 feet. It is estimated that up to 15 proved, undeveloped locations currently exist, with multiple additional possible locations and 3D seismic prospects throughout the acreage. Future wells are planned to test the Paluxy formation and Selma Chalk, as well as other sands in the Tuscaloosa.
Working interest to be acquired ranges from a minimum of 24.75% before payout, and 34.75% after payout in some leases to 100% in others.
The principal field targets are the Lower Tuscaloosa sands. Bordering the survey to the southeast is the Holly Ridge field (18.9 MMBbls and 65 Bcf) and to the east is the Lake Formosa Field (1.7 MMBbls and 9 Bcf). Further east in Tensas Parish is the Buckhorn field (11 MMBbls and 25 Bcf) and the Lake St John Field (87.1 MMBbls and 530 Bcf).
The acquisition is moving forward under purchase and sale agreement. The initial installment occurred in January 2008, and final closing is scheduled for March 31, 2008, subject to customary closing conditions. Control of operations commenced February 1, 2008.
The acquisition includes 55 square miles of 3D seismic, and access to an additional 20,000 acres of prospective acreage to be surveyed.
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