Texas Energy Systems Corp., Peden Energy

Transaction Type
Sellers
Marketers
Post Date
Estimated Price
0MM
Description

Texas Energy Systems Corp. and Peden Energy have retained Simplex Energy Solutions to sell certain assets in Texas.

The package includes 100% working interest (75% net revenue interest) in 8 operated leases, 98% working interest in one lease and another lease at 70% net revenue interest covering 1,990 acres in Levelland Field in Cochran County. The leases feature 22 active wells producing from the San Andres formation. The acreage is in three contiguous parcels of 583, 890, and 517 acres, respectively.

Production is 75 barrels of oil per day. Net monthly income is $124,533.

Upside includes opportunity for infill drilling and waterflooding. Spacing in the field is 20 acres, and there are several leases with corner-drilled labors (177 acres each) and also undrilled leasehold that offer potential in the P1, P2, and P3 pay zones.

Contact David A. Fowler, 432-683-3791, dfowler@simplexenergy.com.