Oil-based company Vess Energy ventures will sell its heavy oil properties located in the Permian Basin and North Texas for approximately $665,000.
The assets currently produce approximately 325 barrels of oil equivalent per day from the San Andres, Clear Fork, Wolfcamp, Wichita-Albany, Palo Pinto Lime, and Ellenburger reservoirs.
Vess Energy has a 96% working interest in 8,012 gross / 7,621 net acres with 85 producing wells in Scurry, Mitchell, Howard, and Wilbarger Counties, Texas.
Production attributable to the properties of proved reserves being sold is estimated at approximately 1.8 million barrels of oil equivalent per day with an additional 800,000 barrels of probable reserves.
Bidding is due on 29 June and the sale is expected to close by 29 July.