Signature: Multi-Billion Dollar Production Near Koliba
Signature has released information about the oil fields surrounding its Koliba Prospect in Victoria County, Texas.
The Placedo, Heyser, McFaddin, Hog Bayou and E. Sheriff fields, which are located in Victoria and Calhoun Counties of South East Texas, have produced approximately 159 million barrels of oil and 1.8 trillion cubic feet of natural gas according to the Texas Railroad Commission's records. Based on current prices of $77.12 Bbls of oil and $5.95 Mcf of gas, the cumulative production of crude oil and natural gas would be valued at approximately $22.8 billion.
"Multi-billion dollar oil and gas production within Victoria and Calhoun Counties makes the Koliba well (which is located in Victoria County) ideal for the Company and our stockholders," Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp., stated. He concluded, "With the land surveys complete, we are moving forward on this exciting prospect which is set to drill in a few weeks."