Regal Resources has signed a letter of intent to enter into a joint venture agreement with Texas based operator.
"As part of the proposed joint venture there are 25 existing wells with a potential of 100 +/- BOPD with estimated overall recovery of 150,000+/- barrels of oil in the first phase," said Regal Resources President, Harold Tutt. He went on to say, "In the second phase the plan is to drill 4 new wells and in the third phase drill 5 additional wells to deeper gas objectives between 2000-3,500 TVD."
On other business Harold said, "Our due diligence team has been working on the other prospects that we have in the hopper and will be reporting their progress in the coming weeks."
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