Doral Energy Corp., Midland, Texas, (OTCBB: DEGY) plans to acquire a 92% working interest in six San Andres waterflood leases in Texas from an undisclosed Midland, Texas-based seller fro $2.3MM.
The leases are in Levelland Field in Cochran County and consist of 81 wells, including 41 producing wells, 30 water-injection wells, and 10 shut-in wells, on 3,061 contiguous net acres. Gross production is 98 barrels of oil and 220,000 cubic feet per day for a total 135 barrels of oil equivalent per day. Net proved developed producing reserves are approximately 500,000 barrels of oil equivalent per day.
Doral chief executive E. Will Gray II says, “This acquisition will further build upon Doral Energy's existing producing acreage holdings within the Permian Basin. Furthermore, it expands Doral's operations into a second core area that has historically responded well to waterflooding and infill drilling programs in the San Andres reservoir.”
The deal is expected to close by March 31.
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