Monogram Energy, Inc., an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties, announced that the company accelerated its acquisition plan by acquiring the Lacy Rice Lease in Corsicana Shallow (Navarro County, TX), which comprises 100.74 acres and 3 wells, as well as the M.L. Rice Lease, which comprises 8 acres and 4 wells in the same region. The company officially acquired the Rice leases on March 19, 2008. Monogram estimates it will cost $25,000 to $30,000 to bring the wells back into production, and expects the workover on the Rice leases to begin within the next 30 to 45 days. It is anticipated that the workover will be completed within a 2 to 3 week period, for a total of 7 wells (6 oil wells and 1 injection well).
Once the workovers are complete, the Rice leases and the T.W. Martin Lease currently in progress are estimated to produce 450 barrels per month. The company is poised to make its first sale from these wells, and is currently pursuing additional leasing opportunities. The T.W. Martin lease comprises 70 acres with 12 wells and is also located in Navarro County. The county produces around 600,000 barrels annually.
"We are extremely pleased to have made this recent acquisition, and it should help provide us with the ability to continue our acquisition plan," stated Billy King, Chief Executive Officer of Monogram Energy, Inc. The company is looking to acquire another 6 - 8 leases by year's end. Mr. King became interested in the production of oil & gas during his ten years of employment as an attorney for the Halliburton Company, and with his representation of independent oil companies during his years as a private practitioner. Monogram Energy's goal is to maintain a high risk/reward profile, thereby enabling them to return the most value to its shareholders.
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