Global NuTech to Re-Enter 13 Austin Chalk Field Wells
Global NuTech -- soon to be re-named Texas Gulf Energy Incorporated -- said Monday it will commence a well re-entry and optimization program in the Austin chalk field near Luling, Texas, at 13 crude oil well sites.
The wells have a history of oil production in one of Texas' oldest and most prolific zones, and have been shut-in wells in previous years.
"Our wholly owned subsidiary, Texas Gulf Oil and Gas, has negotiated these leases over the last year and a half, and we believe that a re-entry program on these wells will rejuvenate their production, enhancing revenue and creating other opportunities for further oil production in the area," said Texas Gulf Energy CEO David Mathews. "We will continue our crude oil production focus in searching for exploration and production opportunities in known production areas with low risk of a dry hole to maximize possible returns for our shareholders."
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