ExxonMobil Gives Final Approval on South Liberty Oil Field Lease
Brighton Oil has received final approval from Exxon on the development plan associated with the project and operations in the South Liberty County Oil Lease. It is anticipated that the assignments between the various interested parties of this transaction will be executed next week. After the completion of the assignments, Brighton can commence operations in order to further develop the existing production and to develop additional production on the field.
The prospect consists of 9 Yegua wells on the leases which have depths of 5,000 to 9,000 feet, three producing wells and 4 work-over wells. It is expected that the 4 work-over prospects will generate in the range of 100 to 200 barrels per day of oil production. A new well, the Gulf Crown #6, will also be drilled. The overall project will consist of completing the work-overs and re-entry of the existing wells. The company also plans an updip on the Humble-Simms #16, which will allow access to three deeper sands within the Orange Massive formation.
This project is an exciting project for Brighton as it offers existing production, ongoing work-over opportunities, as well as new drilling into established formations and zones of production.
Sam Petrossian, Chief Executive Officer of Brighton Oil commented, "The South Liberty Oil Field Lease is a perfect complement to our growing portfolio of oil field assets. We remain completely focused on only acquiring properties that can yield near term production for our company."
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Company: Brighton Oil more info
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