Dallas, Texas (PRWEB) October 10, 2013
Aresco LP, a privately held Dallas-based exploration and production company, announced today that it has purchased a significant non-operated working interest position in a multi-well drilling prospect in Lea County, New Mexico. The 840-acre Permian Basin prospect has produced over 880,000 barrels of oil equivalent to date with cumulative production ranging from ~15,000 barrels of oil to more than 300,000 barrels of oil per well.
“Our goal with any acquisition is to provide a foundation for stable cash flow along with strong growth potential,” said Brandon Laxton, President and CEO of Aresco LP. “This prospect fits our acquisition profile, which targets proven-producing fields that offer significant upside through additional drilling. We are excited to get started on development.”
The East Fowler Field prospect features extensive geological and 3D seismic data along with documented production history, which are being used to guide new development. The first of six in-field, proved undeveloped (PUD) locations is slated to begin drilling in first quarter 2014. Each prospective drilling location targets the oil and natural gas-rich Ellenberger formation at ~11,900 feet with a secondary objective, the Abo, at ~7,100.
About Aresco LP
Aresco LP is a privately held exploration and production company actively engaged in developmental drilling, mineral leasing, and production acquisitions in conventional and unconventional oil plays throughout Texas. We specialize in production-driven projects designed to provide income stability and strong growth potential. Our asset portfolio provides a strong balance of ownership positions in rapidly developing shale formations and development projects in proven oilfields with decades of active drilling and production. To learn more about our company, please visit http://www.arescotx.com.