The company said it will complete and execute definitive agreements to acquire this lease in Brazoria County, from the current lease holders by the end of this month.
This will be the company’s second acquisition in the high producing Damon Mound field located on a salt dome which was discovered in 1915.
The dome has produced over 5.6 million barrels from these sand with the average well producing around 60,000 barrels per well.
The company said that the existing wells will be re-entered and cleaned up to enhance pressure to expedite recovery, and it intends to begin drilling in the first quarter of 2012.
