Project Profile
Value: undisclosed
Location: Eagle Ford Shale, McMullen County, Texas
Reserves: 59 mmboe to the WI and 41 mmboe net to NRI
Depth:10,500 to 11,500 feet
Area: 7,196 acres
Texon Petroleum Ltd has five producing Eagle Ford wells in McMullen County, Texas, with an average (93% WI). Initial production of 1,200 bopd and 1,105 bopd from the #1 and #2 EFS wells respectively were put into production in December 2010 and April 2011. The third and fourth Eagle Ford wells were drilled in June and July of 2011 and were put into production in August and October 2011 with initial production rates of 1,488 bopd and 1,408 bopd respectively. The fifth Eagle Ford well was drilled in May 2012 and completed in July 2012 with a fifteen stage frac and was tested for an initial production rate of 1,072 BOPD and 1,137 MCFGPD, on a 18/64 choke.
Texon has assembled an acreage position of approximately 7,196 acres nett to the Company in a production proved “sweet spot” of this oil rich resource play. Across the Texon lease block the Eagle Ford is approximately 140‐150 feet thick and ranges from 10,500 to 11,500 feet on gentle uninterrupted south easterly dipping beds. Texon has approximately 90 locations available that have been proven by Texon’s 5 highly productive wells and other operators’ recent productive wells. In total the wells contain a resource potential of 59 mmboe to the WI and 41 mmboe net to NRI. The production from the five wells in Eagle ford is: 1200 bopd - Tyler Ranch 1H, 1105 bopd - Teal 1H, 1488 bopd - Tyler Ranch 2H, 1400 bopd - Hoskins 1H and 1072 bopd - Peeler Ranch 1H.
In August 2010, Global reached agreement with Texon Petroleum Ltd to simplify the ownership arrangements for Eagle Ford wells that would straddle areas of differing ownership, by cross assigning lease holdings across the expanded contract area. Under the amended Participation Agreement the contract area of the Leighton prospect has been expanded to 1,651 acres for all depths beneath the Olmos Formation.
Operator:
Texon Petroleum Ltd: 82% Interest
Global Petroleum: 7.939% Interest