IDGC Steps Up Acquisition Efforts in the Permian Basin
IDGC has decided to fully focus their immediate oil & gas M&A targets to within the prolific Permian Basin. These targets will include both producing projects as well as drilling prospects. The Permian Basin entails approximately 250 by 300 square miles covering portions of South Eastern New Mexico as well extending into West Texas. The IDGC Executive Management team has been able to further develop their business relationships within this region and wants to fully capitalize on the networking aspect that has derived from these relationships.
IDGC's Management team comments, "We can add value to our shareholders by expanding our oil and gas interests into the Permian Basin thus allowing us to participate in two major oil and gas regions within the United States. Additionally, many of the drilling projects that we have reviewed recently were simply non-economic due to the high costs associated with drilling new wells in addition to the lower pricing in crude. With these costs coming down in the recent weeks, many of these prospects now provide a positive Net Present Value and are now acquisition candidates for IDGC. Furthermore, the recent decline in service costs will enable us to lower our 2009 Capital Expenditure budget thus delivering more to the bottom line."
IGDC currently holds a 10% Working Interest alongside Force Energy Corp and Midland based, G2 Petroleum in the Diamond Springs Prospect located in Fremont County, Wyoming. 3rd Party Geological assessments state that there is the potential to recover approximately 4,000,000 of oil on the 3,000 Gross Acres. Recent Geosensing data that was obtained by Force Energy predicts several positive drilling locations that correlate alongside the 3rd geological assessment.