“These discoveries further prove how independent exploration and production companies such as Aegis Oil are making significant contributions to identifying and understanding the immense reserves in The Permian Basin,”
Plano, Texas (PRWEB) February 10, 2014
Plano, Texas based Aegis Oil reports an oilfield discovery with its $300 million drilling campaign. CEO Reagan Beason confirmed today that a previously undiscovered zone was located in the Woodford Shale in Pecos County, Texas. Aegis’ drilling data and discoveries were further validated by a unique Halliburton formation evaluation solution customized for the Permian.
With new finds of productive oil and natural gas producing formations in Pecos County, the Permian Basin continues to give up many of its hidden gems in areas previously considered out of the geological norms. Aegis has hit eight consecutive vertical wells in the county in the last year, including two deep wells. Prior to this in Pecos County, no known wells had been drilled to these depths and the field was generally considered a fully developed shallow Yates Field. In addition to the play, these wells also penetrated several promising Cambrian-age reservoirs.
The Permian Basin, according to many publications, has been producing since 1921. The geological formation covers 250-300 miles of West Texas and East New Mexico and comprises 7,000 oil fields across 59 counties. With the use of new drilling techniques and hydraulic fracturing, “The Basin” has surged back to life with over 400 rigs in operation. The last 3 years has seen oil production double its 1980’s peak with production in excess of 1.2M barrels per day. This recent discovery shows that an experienced independent driller such as Aegis Oil, with proper study and planning, can still compete in the most prominent oilfields of the state. Aegis Oil has 9,000 net acres under lease with a potential for 30,000 more in the near future. CEO Reagan Beason has launched an initiative to acquire 300,000 net acres under lease and development. He believes this exciting discovery, along with the company’s recent drilling success in Pecos County, should elevate Aegis Oil as a major independent driller in the Permian Basin.
“These discoveries further prove how independent exploration and production companies such as Aegis Oil are making significant contributions to identifying and understanding the immense reserves in The Permian Basin,” Beason said. “We are excited as a company and for our partners. Texas is once again leading the nation in oil field production and innovation. The Permian Basin is truly a game-changer in a global sense,” he concluded. (http://www.aegisoil.com)