Oil and gas exploration company Mogul Energy International has acquired oil and gas rights on more than two dozen leases in Jackson County, Texas.
The company said that the acreage will provide the first of two potential locations in its South Texas drilling program.
Mogul has also entered into a participation agreement and signed a joint operating agreement with Fossil Oil Company and CH Squyres Family to add adjoining acreage already leased and to participate equally in the drilling of the prospect.
According to the company, the additional acreage would add three to five prospective well locations, and the combined leases total approximately 480 acres.
Mogul will be the operator of record for this prospect, with the first well to be permitted and drilled by mid-February of this year.
Mogul executive vice president Tim Turner said that the company plans to drill the initial well to a total depth of 7,400ft and test multiple zones within the Frio formation that have been identified as productive or having the potential of being productive based upon the well data in the area.