Dallas, Texas (PRWEB) July 09, 2014
Aresco LP, a privately held exploration and production company, today announced drilling has begun on the Perryton #1-H, a horizontal development project targeting the western Anadarko Basin’s Cleveland Formation. The Perryton #1-H is the first of three potential long-length horizontal Cleveland Formation wells on a ~640-acre Prospect, which is located in Ochiltree County, Texas. This area of the Anadarko Basin features de-risked, productive acreage that is either no longer available to lease or is held-by-production.
“The Perryton #1-H marks an exciting beginning to our exploration and production efforts in the Anadarko Basin in an area where acreage is hard to come by, ” said Brandon Laxton, President and CEO of Aresco LP. “As a whole, this Prospect is a perfect fit to our operational strategy of partnering with proven operators in proven fields. We anticipate the drilling of the Perryton #1-H will be the first of many wells we will participate in throughout the basin. ”
Cleveland formation wells found immediately offsetting the Prospect acreage have produced more than 1,852,720 barrels of oil and over 8.4 BCFG since the area’s first production. Today, the Cleveland Sand oil and gas play is shifting from a vertical well to a horizontal well development play utilizing horizontal drilling and multiple-stage fracturing techniques.
“By applying drilling and fracking techniques perfected in shale plays to conventional formations like the Cleveland, we are seeing an abundance of new activity in our core areas of interest,” said Mr. Laxton. “With strong IP results, slower declines than shale and excellent longevity potential, we will continue to add conventional prospects in these areas to our portfolio.”
About Aresco LP
Aresco LP is a privately held Dallas-based 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.