Tradestar Resources Acquires Oil & Gas Acreage in North Louisiana
Tradestar Resources says that their Joint Venture with Penasco Petroleum of Corpus Christie, Texas, has successfully completed another petroleum property acquisition in Franklin Parish and Richland Parish, Louisiana. These properties include the Holt Lease with three producing wells and one water disposal well with 220 acres for development. The other property is the McKay Lease which includes one producing well with 80 acres for development. Tradestar has been in negotiations with the owners of these specific properties for several months and has finally concluded the acquisition and will take over operations in September and October 2006. The Company has plans to rework the existing group of wells and increase production levels to an estimated 50 barrels of oil per day with some associated gas. Rockwell Energy of Houston, TX has contracted with Tradestar to operate and manage the daily operations for the properties.
Tradestar is very excited about this acquisition and believes that there is considerable upside potential for the value of these leases. The remedial workovers will increase production revenues and the additional drilling opportunities on the properties will provide the greatest potential for fully exploiting these leases. Tom Feimster, President of Tradestar, says that this area of North Louisiana is becoming very popular with a lot of oil & gas activity by large oil companies. He also says that, "We are seriously looking at other lease acquisition candidates in this area, and hope to expand this North Louisiana area as one of Tradestar's primary develop plays."
Tradestar Resources Corporation is an independent energy company that is engaged in the exploration, development, exploitation and acquisition of on-shore and natural gas properties in conventional producing areas of the United States. Tradestar strives to enhance asset value by expanding oil and natural gas reserves raising production levels and increasing cash flow. Tradestar intends to foster its growth as an independent oil and gas company by investing in only proven producing wells.
- Tradestar Resources Acquires Oil & Gas Acreage in North Louisiana (Sep 07)
- Tradestar Acquires Barnett Shale Gas Wells (Oct 18)
- Tradestar Acquires Strategic Gas Well and Acreage (Oct 06)