Signature E&P has entered into a non-exclusive right and Option with Left Behind Recovery to acquire up to a 70% pre payout/50% post payout working interest in the drilling of two vertical wells.
Located in Caldwell County, Texas, in an uplift of the Austin Chalk geology, the drilling location is between the Pearsall and Giddings fields. These two fields have been producing oil and gas since the late 1960s and therefore have provided a significant amount of data concerning the production history of the area. Nutech Energy Alliance, Ltd., a provider of advanced petrophysical, geological and engineering solutions, has analyzed this data to determine the proper location for the wells. The proposed wells are estimated to each contain approximately 320,000 barrels of oil.
"This drilling program will generate significant revenues for Signature. I believe using the expertise of Nutech, who have a 97% analysis success rate, and the management experience of Left Behind Recovery, LLC, greatly reduces our risk," said Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp. "This drilling program also further diversifies our Texas assets and creates the potential for strong operating cash flows."
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