The company said that the primary goals of the project include oil and gas development opportunities in the Miocene and Frio formations above 5,000′, with secondary objectives being deeper Wilcox sands. Dynamic Production will serve as operator and manager of this project.
The field operations are expected to begin in third quarter of 2010. Permitting of the project is nearly complete and Dynamic Production is in the process of obtaining the project’s final lease options.
The terms of the executed LOI provide for closing of the transaction by August 30, 2010.
