Amadeus Energy Acquires Stake in Texas Field

Amadeus Energy's US subsidiary, Amadeus Petroleum, has acquired a stake in the Raccoon Bend Field located in Austin and Waller Counties, Texas. The field is approximately 60 miles northwest of Houston. The field currently has 57 producing wells, 7 injection wells and 77 shut-in wells.

Raccoon Bend is a complex faulted structure with faulting caused by a deep-seated salt dome. Productive sands occur from 900 feet (Oakville) to 7,000 feet (Wilcox). Cumulative oil production to January 1, 2000 exceeded 106 million barrels. Total acreage in the area consists of approximately 7,300 gross acres. The lease currently produces 530 bopd. Existing proved producing reserves as per Griffis & Associates total 1.8 million BO gross.

Upside potential lies in behind pipe zones, water-flooding certain reservoirs, attic plays and undrilled traps supported by 3D seismic data and operational eficienies. Currently eleven prospects have been targeted with reserves estimated at a further 2.5 million BO gross.

The operator will be TNT Engineering out of Wichita Falls, Texas.