Producing approx. 800 barrels of oil per day along with associated natural gas, the Raccoon Bend Field has proven reserves of over 3 million barrels, a 3P (Proven, Probable, Possible) Resource of 4.2 - 4.5 million barrels and 25+ years of productive life
Image: STORH equity platform acquires Texas-based Raccoon Bend Oil Field. Photo: courtesy of Johannes Plenio from Pixabay.
Having first announced the transaction on April 19, 2019, STORH’s U.S. based Parent Corporation SourceRock Energy Partners, Ltd. has now officially closed the acquisition on their Texas Asset: The Raccoon Bend Field in Austin and Waller Counties, Texas. Prior to official closing, the property was secured under an LOI, pending due diligence and the unwinding of an unrelated partnership.
STORH is excited to announce that they will now own 12% of the field and tokenize it for their investors. Producing approx. 800 barrels of oil per day along with associated natural gas, the Raccoon Bend Field has proven reserves of over 3 million barrels, a 3P (Proven, Probable, Possible) Resource of 4.2 – 4.5 million barrels and 25+ years of productive life.
This presents itself as a milestone acquisition for STORH, adding immense value to their arsenal and setting them apart from a majority of their competitors.
“It was our goal to position the company where it was cash-flow positive from the onset, and this asset not only provides significant cash-flow for STORH but also fulfills the Foundation segment of our diversification strategy,” said Ryan Messer, STORH’s CEO, in an official press statement, he further added, “I have been looking for an entry point into this particular field for almost 7 years now and thanks to industry relationships and some patience, we have executed this plan for the benefit of our stakeholders.”
Source: Company Press Release