CanTex Increases Interest in Val Verde Basin
CanTex has acquired additional working interest increasing its leasehold up to 29% of the 6,000 acre lease. Bruce Scambler, CEO, is hopeful that with this increased holding and raising $2.4M of drilling capital the next few months will see CanTex start and complete a well in the West Texas Overthrust, Val Verde Basin, Terrell County, Texas. The initial well will hold all of the 6,000 lease acreage, and is anticipated to allow CanTex to further increase its acreage position. CanTex anticipates reduction by $0.5M on the previously reported Slawson AFE of $2.9M (completed) using a more mobile drilling rig and faster penetrating drill bits. Permitting is scheduled for 3rd quarter 2011.