The project area encompasses 1,280 gross acres and 640 net mineral acres located in the oil-rich Permian basin and is operated by Apache Corporation.
Apache has already drilled four Spraberry wells and is evaluating the potential for additional development.
Covering about 2,500 square miles and six Texas counties, the Spraberry formation produces oil from a single sedimentary unit located between the depths of 5,100ft and 8,300ft.
Circle Star said while development on the Glass Prospect leases has focused on the Spraberry formation to-date, the project is prospective for both Fusselmen and Cline Shale opportunities.
