Payson owns or controls approximately 800 net acres in the North Perrin Air Force Base Field, a mature and highly productive field located approximately three miles northwest of Sherman, Grayson County.
There are at least seven potentially productive zones in the North Perrin Field and the cumulative oil production from each completed zone in a typical well has averaged around 100,000 barrels of oil along with 500 million cubic feet of gas.
Payson’s evaluation of nearby production history suggests initial production rates in excess of 200 barrels of oil per day are achievable from vertical wells.
Payson expects to drill eight to ten wells or more on its acreage over the next eighteen to twenty-four months.
