VAALCO Energy Inc. has acquired a 640 acre lease in the Granite Wash formation in Hemphill County, Texas. In addition, the company has reported that it has secured a drilling rig for the site.
The rig has been drilling in the Granite Wash formation for other operators. VAALCO expects to drill an initial well in the formation in the second quarter of 2011 and is developing plans to drill a further two wells during 2011, if the initial well is successful.
"This is a new venture for VAALCO and signals our re-entry into the domestic exploration and production oil and gas market,” said Robert Gerry, chairman and chief executive officer. “We believe this lease is well located and anticipate adding additional acreage in the coming months."
Gerry also noted that the company is continuing to evaluate other projects, both internationally and domestically.
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