Glen Rose Petroleum, a developer of onshore oil and gas assets, has acquired the 5,400-acre Adamson Ranch in Edwards County, Texas, which is contiguous to the company's Wardlaw leasehold property.
Glen Rose currently owns 100% of the working interest in the Adamson Ranch property, which carries a 20% royalty interest.
Glen Rose Equity Partners owns a 12.5% working interest in the Wardlaw Field and, under the terms and conditions of that working interest acquisition, it has the right to acquire up to 50% working interest in any additional acquisitions made by Glen Rose outside a defined AMI.
An engineering study conducted on the Wardlaw leasehold property in 1984 estimated 168.7 million barrels of oil-in-place (OIP) at that field, which covers 10,500 acres.
The majority of the OIP in that engineering report is trapped in the dolomitic upper Glen Rose ‘A’ Zone at a depth of approximately 300ft, and this shallow crude oil is of medium gravity, 18 API to 22 API, with a sulfur content of approximately 2%.
Glen Rose president Andrew Taylor-Kimmins said that the acquisition of the Adamson Ranch leasehold fits precisely with Glen Rose’s objective of acquiring and developing up to 60,000 acres within the shallow oil fairway that extends over Edwards, Sutton and Val Verde Counties, Texas.