Dallas, TX (PRWEB) May 05, 2014
Aresco LP, a privately held Dallas-based exploration and production company, announced today that it has purchased a significant working interest position in a 1,400-acre prospect situated in the Midland Basin section of the Permian in West Texas. The Prospect extends an oil production trend discovered by the geologist of Aresco’s operating partner. The trend has produced almost 12 million barrels of oil and .75 billion cubic feet of natural gas to date.
“Our success is driven by quality exploration partnerships that offer high production value and additional development upside,” said Brandon Laxton, President and CEO of Aresco LP. “This prospect fits our acquisition profile, specifically when you factor in the geologist’s proven track record in the immediate area. We are excited to get started developing this field and anticipate drilling numerous wells in the next few years. ”
The Prospect development strategy has been developed using several proven methodologies and extensive geological data, which include testing the soil for light hydrocarbon molecules with geochem analysis. The first well location, the Tannehill #1, has been identified and drilling is slated to begin early fourth quarter 2014. The Tannehill #1 will test the Stockwether limestone and Tannehill sandstone formations and is the first of eight to ten possible initial well locations in the prospect. Cumulative production estimates range from 200,000 barrels of oil to more than 300,000 barrels of oil per well.
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, Oklahoma and New Mexico. The company specializes in production-driven projects designed to provide income stability and strong growth potential. Aresco’s asset portfolio provides a strong balance of ownership positions in rapidly developing conventional formations and development projects in proven oilfields with decades of active drilling and production. To learn more, please visit http://www.arescotx.com.