The operator plans to recondition an initial group of five wells at Eagle Oil’s East Texas field and subsequently increase the groups of wells at 5 well intervals, until the total reaches 20 wells in the first round of development.
The two parties will sign an agreement after due diligence requirements are approved and completed within the next 30 days and the agreement will potentially include up to 120 wells.
The operator, in addition, plans to service the compliance requirements of the Texas Rail Road Commission too.
The company expects to capitalize on its oil assets through outsourcing the reconditioning of its wells and restoring pumping operations with no additional capital from the Company.
Eagle Oil is an independent energy company in the East Texas oil and gas region.
The operator is a Texas company that has been active in the US oil and gas market, including its own energy operations and production.