This well programme consists of three wells located on 240 acres located in Shackelford, Callahan, and Stephens counties, West Central Texas. The programme also includes associated acreage, equipment and the drilling rights for four more wells.
Whitt Oil and Gas will act as operator for the company’s interests and will commence the deployment of various work programmes to rehabilitate the wells this week in order to restore online production as soon as possible, EGPI Firecreek said.
Whitt operations will commence rehabilitation and enhancement programmes, which will include well repairs followed by frac treatment for each of the wells, namely: McWhorter No 1 Well with perforations in the Bend Conglomerate Formation at 4,060 to 4,068 feet; Young No 3 Well to produce at 2,530 feet depth in the Palo Pinto Lime; Boyett Well, to produce in the Caddo Lime at approximately 3,400 feet.
The acquisition calls for a 50% working interest and participation in the rehabilitation of three existing wells on a turnkey basis, with first rights for future drilling of up to four Barnett Shale wells on the lease acreage for the company. The three existing wells are proved, and evaluations show that there are other potential oil producing formations in each of these wells.
Dennis Alexander, chairman and CEO of EGPI Firecreek, said: “We are very pleased with successfully diversifying our business model by strategically acquiring business projects, interests and endeavors that have an excellent potential to bring increased revenue streams and assets to our balance sheet.”
