Topaz confirmed that it is targeting its operations and growth in the established, proved producing areas of north, central and west Texas.
Topaz management, working collectively or in various combinations, have a track record of success in north, central and west Texas oil and gas ventures, and have formed Topaz to consolidate, acquire and develop targeted assets. Building on management's respective achievements and experiences, Topaz is poised to fully exploit the production potential and financial upside of Topaz's project inventory.
Topaz has accumulated an enviable lease position and experience level in drilling wells and advancing projects. Management has a "first hand" insight into the Barnett play and north-central-west Texas energy opportunities thereby creating a competitive advantage. Topaz is established in the area, with offices and a substantial rig yard in Denton, Texas. Topaz has the personnel and equipment to execute its plans and the experience to understand the risks and opportunities. Topaz management and personnel have a proven ability to get wells drilled and have good relationships with drilling and field service businesses in north-central-west Texas.
Topaz has executed a disciplined strategy (i) of accumulating lease acreage only within prime producing areas of north-central-west Texas, and (ii) of seeking financing partners to drill wells and generate proven reserves. Over the past ten years, Topaz management has assembled, drilled and sold over 10,000 Barnett lease acres in various separate drilling programs/ventures, with dollar values and yields approaching $100 million. Each program has been held privately, involving different partners. To date, Topaz management have drilled or participated in over 250 Barnett wells.
Ted Munden, President and CEO, commented, "Our goal is to aggressively pursue property and acreage acquisitions and oil and gas drilling opportunities in north, central and west Texas. This region is in our back-yard with a wealth of proven producing formations and is where our talented and experienced team has had success and has a clear competitive advantage."
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