Universal Bioenergy, an alternative energy company, has signed an agreement with ProGas Energy Services of Texas to jointly develop a newly discovered oil and gas field in Texas' Gulf Coast natural trend, in Jim Wells County Texas.
The agreement is a joint venture between Texas Gulf Oil & Gas, Universal’s new subsidiary, and ProGas.
The companies plans include potentially developing up to 110 oil and gas wells in this field.
Universal said that three initial wells have already been drilled and are producing oil and gas.
According to ProGas Energy, the estimated reserves of the field are over 20 million barrels of oil and 17 billion cubic feet of gas.