Quest Oil is in advanced negotiations for the acquisition of a highly prospective oil lease in Concho County of West Texas.
The West Texas lease has 640 acres with 2 existing wells capable of production with simple and inexpensive work-over techniques. The importance of this lease is its upside potential for drilling new oil wells and the expansion of the acreage on all sides. The area has undergone substantial geophysical and engineering validating the area as prolific. The Company has interpreted data that resulted in identifying four new drilling locations. Historically, new wells drilled in the area have an IP (initial production) of 150 to 200 bopd at a depth of 3,600'.
Company CEO, Mr. Joe Wallen, advised, "Although the lease is not significant in size it does have tremendous opportunities related to its location and the Company's plan for drilling high IP targets with a history of slow production decline curves."
Most Popular Articles
From the Career Center
Jobs that may interest you