International TME Resources Acquires Mega West Leases
International TME Resources recently acquired an additional 2,885 acres of oil and gas leases for its Mega West Joint Venture. Total project acreage is now approximately 13,385 acres.
The joint-venture project will develop a heavy oil and natural gas project in Southwest Texas. Additional leases for the project are being acquired on an ongoing basis. ITME retains a 30-perrcent carried net profits interest in the project. The company will
acquire all of the leases and manage the drilling and development of the
project as consideration for its interest. ITME management plans to complete
the total block acquisition of oil and gas leases during the second quarter of
2006. Drilling is planned to begin during the summer of 2006.
ITME says that extensive geologic analysis of the project area indicates a large deposit of heavy oil at a depth of 1,000 to 1,200 feet in the Trinity Sands. Marble Falls Reef formations occur at depths of approximately 4,200 feet and reportedly contain abundant natural gas.
The Trinity Oil Sands at 1,000 feet depth have a total thickness of more than 70 feet and more than 65 percent oil saturation, 30 percent porosity, and thousands of millidarcies of permeability. The company's consulting geologist projects a multi-million barrel recoverable potential for the project.