Independent oil and gas enterprise TXCO Resources has reported a 36% increase in combined oil and gas sales in 2007 compared to 2006. Net oil and gas sales volumes for 2007 were an estimated 7.97 billion cubic feet equivalent, compared to 5.85 billion cubic feet equivalent in 2006.
Oil sales for 2007 totaled 974,394 barrels, up 23% from 791,425 barrels in the prior year. The company’s 2007 production mix was 73% oil and 27% natural gas. For 2007, TXCO spudded or re-entered a record 87 wells, up from the 58 wells drilled during 2006.
TXCO’s sales from the Glen Rose Porosity oil play were 704,891 barrels, or 1,931 barrels of oil per day (bopd), up from 683,285 barrels, or 1,872bopd, in 2006.
Fourth-quarter 2007 Porosity sales totaled 212,762 barrels, or 2,313bopd, a 20% increase from the final quarter of 2006 and 3% above third-quarter 2007 results.
James Sigmon, TXCO’s CEO, said: We enter 2008 with record activity. TXCO is moving ahead with each of our primary growth catalysts, the San Miguel oil sands project, the Pearsall shale gas resource play, the Fort Trinidad gas shoals in east Texas and the Glen Rose Porosity oil zone.