Emerald Bay reported on recent crude oil-focused developments at three counties in South Texas.
South Texas Oil
Medina County Texas: CAPEX funding for the optimization and drilling has been secured for the Medina County property recently acquired in March. The development plan will be carried out in two phases:
Zavala and Uvalde Counties Texas
The Company has recently leased approximately 600 acres in Uvalde County to develop serpentine plugs located on the property. A nearby serpentine plug well drilled in 1976 by Emerald Bay's consulting engineer has produced close to 300,000 barrels of oil. Emerald Bay has also executed an Option and Right of First Refusal Agreement with The Energy Company of Texas covering an Area of Mutual Interest of approximately 22,000 acres targeting the Eagle Ford Shale. This is a continuation of the Company's Eagle Ford Shale work dating back to 2007. 47+ active rigs are now drilling horizontal Eagle Ford Shale in South Texas.
"Our transition to oil-focused development in Texas and Alberta will provide the near-term and long-term stability we believe is necessary as natural gas prices continue to remain low. The low-cost, low-risk Medina County project is a great step in the right direction, and the Eagle Ford Shale horizontal drilling efforts in South Texas have produced amazing results. For a Company our size, we believe we will have a very attractive land position in the oil portion of the Eagle Ford trend," stated Shelby Beattie, President and CEO.
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