Western Capital Continues Successful Development of Shallow Wells
Western Capital, Inc., a Houston-based oil and gas exploration and development company, announced the proposed drilling of two more development wells in the South Cottonwood Creek Field, a proven field located in DeWitt County, South Texas. This follows on the heels of drilling three successful wells already in the production and/or completion phase. These wells were drilled to approximately 5,300 feet total depth, encountering the Yegua Sand formation between 4,400 and 4,800 feet, and multiple upper Frio gas sands between 2,000 and 3,000 feet depth. The Yegua is a laminated pay zone, which showed accumulations of high grade oil and gas, both on electric log and multiple core sample analysis.
Western Capital, Inc. has operated as a Texas corporation since 1994. The company has pursued a policy of drilling low risk oil and gas prospects, usually in areas of proven production, primarily in the geographical areas of Texas and Louisiana. The company's specialty is in acquiring high quality leases in proven fields, usually surrounded by existing production. Engineering then seeks to tie in the location of the new prospect with the existing surrounding proven production, using 3-D seismic interpretation.
Experience has demonstrated this to be the lowest risk, and potentially highest reward method of operation. Western also participates with other select industry partners, in other projects which some of the partners may have originated. Western Capital, Inc. evaluates hundreds of prospects each year, but selects typically six to ten projects for development. The company supervises and contracts the drilling, completion, and production phases of both oil and natural gas wells, in Texas and Louisiana, using premium quality contractors, such as Halliburton and Schlumberger, on each phase of the operation.
Western Capital is looking forward to further good results, and the future complete development of this field. President Dan Walsh commented that this type of shallow production, from proven formations, and the short drilling time, and comparatively inexpensive drilling cost, can translate into some very handsome returns for the investor, especially with the price of oil hovering between $65 and $75 per barrel.
- Western Capital Continues Successful Development of Shallow Wells (Jun 26)