Apache Announces Joint Venture in Milam County, Texas
(firmenpresse) - LULING, TX -- (Marketwire) -- 12/30/11 -- today announced a joint venture with an undisclosed company per the agreement in Milam County, TX on part of its 238 acres to drill six (6) wells to the Sand formation. Apache commissioned Geologic (a geological engineering company) to evaluate the acreage and its potential. Geologic's report concluded, "The Apache Leases have the primary producing reservoir of the Minerva-Rockdale Field in the Navarro 'A' Sand and is the main emphasis of this report. Several deeper reservoirs have excellent potential -- however, these reservoirs are not part of the reserve analysis. Estimated recoverable reserves for a 'new' drilling program is 265,000 barrels of oil -- these estimated reserves are based on drilling 2 injection wells and 10 producing wells in an pattern." Based on the good response by the crude "pseudo" water-flood pattern implemented by another company, an "inverted seven spot" pattern should be sufficient and efficient to drain 25-50 acres.
The Company's website is . Apache Energy, LLC (the "Company") is engaged in the oil and gas business, with operations located primarily in Texas. The Company's ultimate strategic focus is the development of oil and natural gas production and reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. With respect to the joint venture on the six (6) wells in Milam County, Texas, the Company retained working interests of 20% and 15.00% net revenue, respectively. The Company contemplates that during the second half of 2012 operations will commence on the acreage, which should result in the company's production revenues to increase. Charles Burris, President, stated, "We are very pleased to have acquired this acreage in Milam County, TX. We have worked for a number of months acquiring leases in this prolific field. We are very excited to work with this company on the development of these wells. Apache continues to be able to successfully identify properties while applying our local knowledge and expertise to generate prospects that are appealing to public companies and private companies as well. We look forward to the future of this field and we believe it adds substantial reserve opportunities to our ever growing oil portfolio."
Forward-Looking and Continuing Statements: Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks including but not limited to geological and geophysical risks inherent to the oil and gas industry, uncertainties and other factors that may cause the actual results, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to, the Company's ability to: (i) obtain a strategic business arrangement to fund its drilling plans; (ii) build the necessary infrastructure to support the growth of its business; (iii) competitive factors and developments beyond the Company's control including but not limited to the strength of the overall economy.
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Datum: 30.12.2011 - 17:26 Uhr
Sprache: Deutsch
News-ID 100322
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Town:
LULING, TX
Kategorie:
Oil & Gas
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