Luling, Texas (PRWEB) April 19, 2010
CrossRoads has confirmed its acquisition of the first of a slate of wells in the La Salle County, Texas location.
The initial acquisition in their La Salle County Project is a producing oil well drilled and completed in 2007 to the Olmos formation at a depth of approximately 7300 ft. The well is equipped with high quality production and storage equipment as well as the ability to harness and store natural gas. After extensive tests to determine reserves, the well produced 200 barrels of oil within the first five hours. Reserves are estimated to produce over 98,000 barrels of oil over the lifetime of the well. CrossRoads is excited to commence the La Salle County Project with its first acquisition and addition to its current well portfolio.
CrossRoads is an oil and gas company headquartered in Luling, Texas. CrossRoads directive is to take over the leases of already existing, proven abandoned wells and turn them into steady and lucrative Oil producing wells. CrossRoads opinion is that extending and maintaining the life of a well is more economical than drilling a new well. CrossRoads is committed to doing their part to aid in the reduction of America’s dependence on foreign oil.
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors.
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