Approach Resources has acquired an additional acreage in the Permian Basin in Crockett County, Texas that further expands its exploration interests targeting the Wolffork oil shale play.
The company acquired leasehold interests covering 10,900 contiguous, net acres from private parties.
The new acreage, or Pangea West, is approximately nine miles west of the company’s existing acreage in northeast Crockett County.
The company’s total acreage position in the Permian Basin now covers approximately 151,000 gross (109,000 net) acres.
The company expects that the new acreage will be an extension of the Wolffork oil shale play in Project Pangea, and may also be prospective for the shallower San Andres and deeper Canyon Sands, Strawn and Ellenburger formations.
Approach Resources president and CEO Ross Craft said that acquiring additional acreage in the Permian Basin enhances the company’s leverage to the multi-zone potential of the Wolffork oil shale play and adds to its portfolio of opportunities.