With what looks to be solid daily output and long-lived well production, this successful completion looks to provide attractive return potential at today’s prices while also setting Aresco up for solid cash flow as prices continue to rebound.
Dallas, Texas (PRWEB) March 24, 2016
Aresco LP, a Dallas-based energy exploration and production company, today announced a new field discovery in Oklahoma County, Oklahoma with the successful completion of a Hunton Lime vertical well. Alongside their lead operating partner and other capital partners, Aresco drilled the developmental well vertically to 6,400 ft. and tested multiple zones in the Cherokee Platform with the highly prolific Hunton Lime being the primary target.
“We’ve had our eye on joining the Oklahoma production community for some time now and we couldn’t be more excited to have this new well in production with another nearby in the process of completion,” said Brandon Laxton, President and Founder of Aresco LP and Aresco Operating. “With what looks to be solid daily output and long-lived well production, this successful completion not only proves up our prospect acreage, but looks to provide attractive return potential at today’s prices while also setting us up for solid cash flow as prices continue to rebound.”
The well is currently producing from three commingled zones: the Misener Sandstone and the Upper and Lower Hunton Lime. The well’s initial production (IP) came in at sixty barrels of oil per day, with production continuing to stabilize as completion fluids were being recovered.
The newly discovered field sits on the eastern edge of the Cherokee Platform on trend with the Oklahoma City Oil Field, which has produced over three billion barrels of oil since its discovery in 1929 according to the U.S. Energy Information Administration.
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 oilfields with decades of active drilling and production. To learn more, please visit http://www.arescotx.com.