Powder River Acquires Another Goliad County Project
Powder River Basin Gas Corp., a revenue-generating producer, acquirer and marketer of crude oil and natural gas properties, said it has purchased an additional project in Goliad County, Texas. The Pacific project is located in the same area as the Weesatche project, and encounters the same pay zones located through the use of 3-D seismic.
The Pacific project consists of 537 acres with proven reserves estimated at 10.5 BCF gas and 182,000 barrels of oil net to Powder River. This equates to $39 million discounted net PV 10%. The Company will complete a 15 Frio well program and one Wilcox deep well on this project.
Drilling is slated to commence upon the completion of the Weesatche project. It is expected to take approximately 18 months.
"We anticipate the Pacific project to be a very lucrative addition to Powder River's holdings. The Company has enjoyed a tremendous amount of success in Goliad County thus far, and we are excited by the prospect of continuing that with this new endeavor," stated Powder River Basin Gas Corp. CEO Brian Fox.
Powder River Basin Gas Corp. is active in production, acquisition, and marketing of crude oil and natural gas properties.
- Powder River to Complete Waller County, TX Well End of Feb. (Feb 26)
- Powder River Acquires Stake in Texoma Oilfield Services (Nov 13)
- Powder River Completes First Well on Biamante Project (Oct 11)