AUSTIN, Texas, April 20, 2021 /PRNewswire-PRWeb/ -- In the shadow of 2020, one of the most volatile years for oil prices in recent history, Flowtex Energy LLC is emerging stronger than ever with the acquisition of the prestigious Arriola Saltdome Oil Field (ASOF), a property that has already produced over 5.5 million barrels of oil in it's 80+ year history,
Beau Flowers and the management team at new owner Flowtex Energy LLC plan to make the future even brighter.
"We couldn't be happier to have acquired ASOF, and it's come at the perfect time as demand for oil and it's value continues to rise," said Beau Flowers, President of Flowtex Energy LLC. "Our investors and clients are eagerly anticipating the opportunity to participate in an opportunity of the quality and scale of the Arriola Field."
After performing some initial minor maintenance on existing wells, the team at Flowtex - supported by standout consulting geologist Glen Granata and 43-year veteran operations chief Billy Blanchard - will begin monetization of ASOF by performing a recompletion operation on 8 wells whose production levels have dropped to minimal levels.
"When we analyzed the Arriola Saltdome Oil Field opportunity, we saw one thing very clearly: There were many opportunities to use existing, fully functional infrastructure to create new streams of revenue by shifting production from zones that had been pumped nearly dry to zones further up-hole that contain vast reservoirs of petroleum. By focusing initially on recompletions rather than new drills, we'll speed up monetization of ASOF along with bringing costs much lower for our investors and clients," Flowers said.
Flowers doesn't plan to stop with recompletions, however.
"We've brought in Glen Granata, an extraordinary geophysicist who has 30+ years of experience in both international and domestic oil drilling, to help us select specific sites for new oil wells within the Arriola Saltdome Oil Field. Glen has selected 14 previous sites for new wells on this field, and 13 of those selections have led to successful wells. His record at ASOF is absolutely stellar. We look forward to more of his tremendous insight."
Flowtex Energy LLC is a privately-held boutique oil and gas drilling firm that serves individual and institutional investors seeking to diversify into direct ownership of risk-mitigated oil and gas properties. Despite the COVID-19 pandemic and incredibly oil price volatility in 2020, last year was still Flowtex's finest year, by far, and 2021 looks to be even better still.
Aldo Rodriguez, Flowtex Energy LLC, +1 512-762-6668, [email protected]
SOURCE Flowtex Energy LLC