Xstate Enters Into Farm-in Agreement in East Texas

Source Press Release
Company XState Resources LimitedMosman Oil and Gas Limited 
Tags Asset Deals, Deals, Upstream Activities
Date May 08, 2019

Summary

  • Xstate Resources will acquire a 25% working interest by funding a 33% interest in an onshore exploration project in Texas comprising a two well drilling program in addition to follow up opportunities.
  • The two high impact wells to be drilled commencing early Q3 2019 will target large 3D defined structures with multiple reservoir objectives nearby existing oil fields.
  • The projects to be drilled are close to strong oil markets and existing infrastructure with the potential for rapid development and early production.
  • The Farmin provides firm, near term activity and rapid cash flow potential which diversifies and complements Xstate’s high risk / reward Californian gas exploration projects.
  • The planned two well drilling progam will cost the Company approximately US$400,000 and will be funded from existing cash reserves.
  • Further asset expansion opportunities in the USA and Canada are currently being assessed.

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Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd