2010-07-26-2010-07-16-2010-07-16

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
0MM
Description

Bought 960 acres with 17 wellbores in SE NM.

Doral Energy Corp., Midland, Texas, (OTCBB: DRLY) has acquired an additional 960 acres near its oil and gas assets in southeastern New Mexico from an undisclosed seller for an undisclosed price, ramping up its portfolio to more than 7,000 producing acres in the Permian Basin.

The acreage comprises three leases, with a total of 17 wellbores and 1 salt-water disposal well. Four wells are currently shut in. Upside includes both infill drilling and rework candidates.

Doral chairman and chief executive E. Will Gray II says, "Management is pleased to close on this acquisition as it allows Doral the ability to 'fill in the gaps' in certain sections that will be crucial for future secondary recovery patterns. Within this latest acquisition, management is immediately working to identify both workover and refrac candidates to enhance daily production."

Doral anticipates acquiring additional assets in the Permian Basin in Texas and New Mexico.