EGPI to Acquire a Majority Stake in West Texas Oil Program
EGPI/Firecreek has signed an MOU to acquire 75% working interest in Success Oil Co’s J.B. Tubb/Amoco Crawar Property, North 40 Acres. This includes an initial two well reentry program for oil and gas.
The J.B. Tubb/Amoco Crawar oil and gas property is located in the Permian Basin, Crawar Field in Ward County, West Texas (12 miles west of Monahans and 30 miles west of Odessa).
The proposed acquisition and corresponding work program includes reentry into two wells in the Upper Clearfork formation (from 4200-4400 feet), and Lower Clearfork formation (from 4550-4750 feet) for the production of oil and gas.
This property is located in and is a part of the Crawar Field, already considered one of the most prolific fields in the United States. Total present Crawar field statistics show overall production of 500,000 barrels of oil and 4.6 BCF of gas per month respectively.
EGPI/Firecreek, Inc. and Success Oil Co., Inc. are moving ahead with the provisions set forth in the MOU and expect to close within 30 to 60 days.
Additionally, Success Oil Company is presently reviewing a West Texas based oil and gas property, which currently produces $106,000 net cash flow per month and has an additional 46 drilling locations for new wells to potentially be acquired by EGPI Firecreek, Inc.
- Success Oil Co to Start Workover Program in West Texas (Mar 29)
- EGPI Eyes Texas, Louisiana Leases (Sep 22)
- EGPI Signs LOI for Tx. Acreage (Jun 27)