Phoenix Associates Acquires New Oil Lease in Nevada
Phoenix Associates Land Syndicate says that the company's Mid-South/Rome Oil & Gas Division has acquired a new Oil & Gas lease property located in White Pines County Nevada in an all-cash transaction. The lease, consisting of over 7871 acres, represents the company's third lease acquisition outside of its existing properties located in Kentucky and Wyoming. Recent geologic surveys suggest estimated reserves for this lease of approximately 50 million barrels, increasing the company's total existing estimated oil reserves by over 433%, from 15 million total barrels to approximately 65 million total barrels. With the company's 30-day sales average of $54.00 per barrel, total unrealized value of the Company's total estimated oil reserves now exceeds $3.5 Billion USD.
Paul Alonzo, CEO of Phoenix, stated, "We are pleased to be able to
introduce this leasehold into our ever-deepening portfolio of oil &
gas properties. A producing well in close proximity to our new Nevada
leasehold is currently producing in excess of 15,000 barrels of oil
per day." He continued, "As such, we are planning to quickly deploy
the resources necessary to drill and bring new wells on that property
online as soon as possible."
- Phoenix Associates Acquires Three Texas-Based Oilfield Companies (May 02)
- Dana Acquires Stake in South Feiran Concession Offshore Egypt (Dec 20)
- Phoenix Associates Acquires New Oil Lease in Nevada (Dec 07)