Dallas, Texas (PRWEB) May 19, 2014
Aresco LP, a privately held Dallas-based exploration and production company, announced today the purchase of non-operated working interest positions in three producing wells located in Tyler and Madison Counties, Texas. The Brazos Basin wells are operated by Halcón Resources and are currently producing a combined ~227 gross barrels of oil per day, per 90-day trailing average.
“Our strategy of using our operational expertise to select and partner with experienced operators has proven effective in building a solid asset base,” said Brandon Laxton, President and CEO of Aresco LP. “Since applying this methodology, Aresco has grown to include assets in five counties across Texas and into New Mexico. These assets not only provide revenue today, they set the stage for additional development opportunities for decades to come.”
Tyler and Madison Counties sit atop the Brazos Basin, which features a mix of Woodbine sands and Eagle Ford shale production potential. The Brazos Basin lies at the southern edge of the historic East Texas Basin in southeast Texas. While conventional oil producers have targeted the East Texas Woodbine sands for decades, modern unconventional technology is unlocking additional production potential as operators explore deeper, shale-like rock. The Halcón well production is the first of several potential acquisitions Aresco is pursuing specifically in the Brazos Basin.
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.