Signal Energy announced that on February 6, 2009, it acquired the Bluff Creek Oil Field from Gulf Onshore, Inc., a publicly traded oil and gas exploration and development company based in Dallas, Texas.
The Bluff Creek lease, which is located in Shackelford County, Texas, covers 1500 acres and is comprised of 8 producing wells, 35 plugged wells and potential drill sites for about 100 new wells, based on low density surveys conducted by Terra Data Services in May of 2008.
Signal Energy indicated that the acquisition will enhance the strategy of the company to build its oil reserve base, through acquisitions, said Mr. Clement.
Curado Energy Resources, Inc., a Texas well operator, previously operated the J.P. Morris Field and would remain as operators on the lease.
The Bluff Creek Field has potential reserves valued in excess of $4-6 million, the acquisition price was undisclosed.
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