With the current oil and gas price downturn, Aresco has been able to step up as an alternate funding source to help support continued development.
Dallas, Texas (PRWEB) December 01, 2015
Aresco LP, a Dallas-based oil and natural gas exploration and production company, today announced that it has expanded its Gulf Coast portfolio with the acquisition of a substantial working interest position in the Tuscaloosa Marine Shale (TMS) trend underlying Louisiana and Mississippi.
The combined acreage covers a total of eleven prospect areas containing up to forty-seven drilling locations across approximately 20,000 acres in the core of the TMS trend. The first of four wells is anticipated to begin drilling in December with all four wells set to be drilled, completed and on production by mid second quarter 2016. The four prospective wells are positioned on-trend and are surrounded by ten Lower Tuscaloosa productive fields. The cumulative recovery for these fields has totaled 114 BCFG and 18.3 MILLION BO since their earliest discovery in 1981.
“With the current oil and gas price downturn, we have been able to step up as an alternate funding source to help support continued development,” said Brandon Laxton, President of Aresco LP and Aresco Operating Company. “This has allowed us the opportunity to offer premium drilling positions and attractive return potential to our team of private capital partners.”
Aresco’s four-well Gulf Coast drilling program comes on the heels of a successful Massive Tuscaloosa Sands (MTS) project in West Baton Rouge Parish, Louisiana. Located just south of Aresco’s newly acquired acreage, the project’s flow test results, as well as its reserve analysis, have greatly exceeded estimates outlined prior to moving into the project earlier this year.
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 and Oklahoma, New Mexico, Louisiana, and Mississippi. 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. Follow the company on Facebook, Twitter, LinkedIn, or YouTube.