Torch Energy Advisors has retained Ensley Properties Inc. to seek a drilling partner in an exploration prospect in Chaves and Roosevelt counties, New Mexico.
The package includes up to a 75% interest on federal leases (81% net revenue interest; 76% on state and fee leases) in two prospects. The participant will pay $205 per acre for 16,000 acres and one-third for one-quarter of total well costs to casing point on two initial wells. Additional wells will be drilled on a “heads up” basis.
The Seminole Prospect involves 4,240 gross acres (4,200 net) targeting the Strawn and Granite Wash formations. Reserve potential is 36 billion cubic feet equivalent.
The Pine Valley Prospect involves 14,724 gross acres (12,281 net) targeting the Cisco-aged stratigraphic. Reserve potential is 100 billion cubic feet equivalent.
Contact Art Ensley, 713-622-7332.