Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Maverick Drilling & Exploration acquires leases in Texas oil field  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 13/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia) Maverick Drilling & Exploration (ASX: MAD) has acquired acreage over an oil field in Texas that has produced over one hundred million barrels to date.

The company has acquired 100% working interests in 211 net acres in and flanking the Gillock Field, where previous wells had commonly produced at initial rates of between 200 barrels and 500 barrels per day of oil.

Additional leases are in negotiation at the present time and Maverick plans to start drilling in the first quarter of 2013.

First discovered in 1935, the Gillock field contains multiple oil sands associated with a deep seated salt dome, differing from the piercement type salt dome field like Maverick's existing Blue Ridge, Boling, and Nash Domes fields.

However, it also contains oil targets and objective zones located in the Miocene and Frio formations though the depths of the Frio Sands are deeper than the other fields in which Maverick owns leases.

These depths are still within the depth capabilities of Maverick's two wholly owned drilling rigs being outfitted for deeper targets.

While these rigs are being prepared, Maverick is preparing to drill at least two initial wells using contracted rigs.

There have been acquisitions in the field by other operators with enhanced oil recovery technology and expertise. The largest operator in the field is Denbury Onshore.

No initial reserve estimates attributed to the Gillock acquisition. This will be evaluated in 2013 following a pilot drilling program in the field.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help