By sidetracking and deepening the existing Tuscaloosa Sands wellbore at a fraction of the cost of new drilling, we’ve created an opportunity for an exceptional return on investment.
Dallas, TX (PRWEB) March 22, 2016
Aresco LP, a Dallas-based energy exploration and production company, today announced the successful completion of a deep Tuscaloosa Sandstone gas well in West Baton Rouge Parish, Louisiana.
The well was originally drilled in 2009 to a total depth of 21,117 feet. Despite targeting a deeper formation, mechanical issues prevented the original operator from reaching their objective. The operator chose instead to complete the well to access the upper sands with smaller reserve potential. Midyear-2015, Aresco joined a lead operator and its capital partners and embarked on a targeted well reentry program, which has resulted in a significant new field discovery. As of March 22nd, the well has produced over 500,000 MMCFG.
“The Tuscaloosa Sands project had everything we look for in a quality acquisition: solid, proved geology, extensive analogue data, multiple drill sites, and prodigious production potential,” said Brandon Laxton, President and Founder of Aresco LP and Aresco Operating. “By sidetracking and deepening the existing wellbore at a fraction of the cost of new drilling, we’ve created an opportunity for an exceptional return on investment. We’re excited about the results and look forward to continuing to jointly execute the development program for this prospect area. It has been a long journey to reach this point. We celebrate this victory with all of those who paved the way early on along with those who have been a part of getting us to where we are today.”
Aresco’s Tuscaloosa Sands prospect features up to approximately twenty-two in-field drilling locations with gross estimated reserves of 726 billion cubic feet of gas and 36.3 million barrels of oil.
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, New Mexico, Louisiana, and the entire Gulf Coast region. 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 oil and gas fields with decades of active drilling and production history. To learn more, please visit http://www.arescotx.com.