Apache Energy Acquires 36 Well Navarro Project in Milam County, Texas
(firmenpresse) - LULING, TX -- (Marketwire) -- 12/23/11 -- Apache Energy, LLC today announced the acquisition and subsequent sale of 36 wells in Milam County, TX in which Apache has retained a 10% carried working interest in all the existing wells and any additional wells drilled, acquired, completed or produced in the county by the undisclosed purchaser per the agreement. The company that purchased the property commissioned Geologic (a geological engineering company) to evaluate the 36 wells' potential and the development of additional wells to be drilled on the property as well as leases in the area. Geologic's report concluded, "The Pearson Lease, Milam County, Texas has 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 oil reserves for the existing 36 wells are 530,000 barrels of oil -- these estimated reserves are based on setting up 10 injection wells and producing 26 wells. 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 'inverted seven-spot' pattern."
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 36 wells located in Milam County, Texas, the Company currently owns working interests of 10% and 7.50% net revenue, respectively. The Company contemplates that during the first half of 2012 operations will commence on the 36 wells, which should result in the company's percentage of revenues based on 105,000 barrels of oil produced in year one. Charles Burris, President, stated, "We are very pleased to have retained the interest in the 36 wells as well as any additional production achieved in Milam County by the purchaser of the lease. Apache has been able to successfully identify properties while applying our local knowledge and expertise to generate prospects that are appealing to public companies like this purchaser as well as private companies."
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.
Apache Energy, LLC.
402 West Davis Street
Luling, TX 77356
Phone: 800-380-9104
Website:
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Datum: 23.12.2011 - 18:09 Uhr
Sprache: Deutsch
News-ID 99818
Anzahl Zeichen: 0
contact information:
Town:
LULING, TX
Kategorie:
Oil & Gas
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