South Texas Oil Company has entered into a definitive Project Agreement with the Blue Moon Exploration Company, a Houston-based privately held geological and geophysical prospect generation firm.
Select Terms of the Project Agreement
Mike Pawelek, President and CEO of South Texas Oil Company, said, "The Project Agreement with Blue Moon Exploration provides South Texas Oil and its shareholders with excellent access to varied-risk, 3-D defined, oil and gas prospects located in our Texas, Louisiana and Gulf Coast core operating areas. Our agreement is an excellent fit, as we will gain extensive additional geological and geophysical expertise provided by a team that has worked the Project Area for the majority of their 30-year careers.
"We also expect to benefit from Blue Moon's inventory of approximately 4,000 square miles of recent-vintage, proprietary 3D and 2D seismic data. The outsourced nature of the arrangement with Blue Moon also allows us to maintain a lean internal structure, with respect to general and administrative expense. For our part, we will provide the operational expertise to Blue Moon on all of the prospects in which we opt to participate. We are looking forward to working together to immediately identify high-quality drillable opportunities that can help us grow production and reserves. "
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