The acreage is expected to comprise multiple objective oil reservoirs at depths of about 5,000ft, which includes Bryson & Sojourner sandstones, Caddo limestone, Atoka conglomerates, Marble falls, and Mississippian limestone.

The company has completed geological analysis on the acreage and has identified numerous multi-pay well locations.

NYTEX Petroleum president and CEO Michael Galvis said that the Fort Worth basin is expected to comprise exciting development opportunities, which include shallow depth and multiple pay zones.

"The detailed geological and engineering studies we undertook this year have given us the confidence to move forward with developing this opportunity and once drilled, we expect it to positively contribute to our operating results," Galvis added.