Questus will provide the funding and other resources necessary to recondition and restart up to 173 wells at Eagle Oil’s east Texas field, including the previous farmout agreements that totaled up to 20 wells.
The latest agreement is subject to an initial payment being made by Questus by 22 June this year, and work on the wells is expected to begin shortly thereafter.
Questus will also complete the compliance requirements of the Texas Rail Road Commission.
Eagle Oil is an independent energy company in the active East Texas oil and gas region.
