DALLAS, Nov. 9, 2015 /PRNewswire/ -- Redhawk Resources Management III, LLC, comprised of managing partners Progressive Equities, LLC, Redhawk Resources, LLC, and StableRock Energy, LLC announces their newest offering, Redhawk Resources – Fund III, LP located in the central platform of the Permian Basin in Pecos County Texas, near Fort Stockton.
The $15,000,000 Redhawk Resources – Fund III makes a total of $145,000,000 of oil and gas drilling and development offerings directed by the managing partners in the last 18 months.
Redhawk Resources – Fund III, LP encompasses 3,800 contiguous acres of producing oil and gas leases with 70 existing shallow wells in Pecos County, Texas. The existing wells were purchased in various stages of operation. Twenty-nine of the wells were down on day 1 of operations. Electrical service will be restored where indicated, and workovers will begin on 20 of 40 existing wells. Six wells will be drilled for production and later converted to injection wells. Thirty-nine of the existing wells will be converted into injection wells with five water flood stations being built to begin to flood the zones. It is estimated Redhawk - Fund III will be fully developed within 36 months.
StableRock Energy, a highly experienced operator with decades of oil and gas engineering experience, took over operations from current operator American Resources, Inc. on November 1, 2015.
Redhawk Resources – Fund III is targeting the Queen Field that, to date, has produced 2.5 million barrels of oil which constitute only 4% of the oil in place. The estimated depth of oil recovery efforts is anticipated to be approximately 4,000 feet. Other fields that may be potentially targeted are the Yates and Seven Rivers formations. The leasehold acreage is adjacent to and surrounded by developed fields owned by Apache Corporation and Energen Resources, both which have been substantial producers since 1978 and have produced almost 29,000,000 bbl oil.
"The importance of getting Redhawk Resources – Fund III to market right away is of critical importance and opportunity. When oil prices are low and deals can be structured accordingly; it is the time to move in and buy. Fortunes can be made on oil price escalation alone," says Jack Nichols, Executive Chairman of the Managing Partner, President of Progressive Equities and Managing Member of Redhawk Investment Group, of this Permian Basin project.
The Permian Basin geological province, one of the most famous in the world, has produced over 29 billion barrels of oil and 75 trillion cubic feet of gas to date. Today, it is estimated by industry experts that the Permian Basin still contains recoverable oil and natural gas reserves exceeding the amount produced over the last 90 years.
"Our base case calculated figures and knowledge of the field tell us that Redhawk Resources – Fund III has return capabilities of a 24% internal rate of return at a sustained $35 per barrel oil price," said Jack Nichols. "Maybe it is just me, but I cannot think of better place to park money generating a 24% internal rate of return at $35.00 per barrel oil until divestment. The internal rates of return at $55 per barrel to $65 per barrel and up on this project are staggering, and we'll get there!"
Redhawk Resources Management III is currently sending a project summary to interested accredited private investors and institutions only. For more information e-mail InvestorRelations@redhawkinvestmentgroup.com or call 844-952-7363.
About Redhawk Investment Group, LLC.
Based in Dallas, Texas, Redhawk Investment Group is a private, independent oil and gas company formed by combining the talents of two successful oil, energy and real estate companies, Redhawk Resources, LLC and Progressive Equities, LLC. The combined companies form partnerships to create, develop and manage high-probability, low-risk alternative investments in oil, gas, and real estate for private accredited investors and institutions. Redhawk Investment Group is currently focusing in the Permian Basin of Texas, Oklahoma and Kansas.
For additional information visit www.redhawkinvestmentgroup.com
Follow us on LinkedIn: linkedin.com/company/redhawk-investment-group-llc
Follow us on Facebook: facebook.com/redhawkinvestmentgroup
Follow us on Twitter: twitter.com/redhawkoil
Logo - http://photos.prnewswire.com/prnh/20151109/285252LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/redhawk-announces-15000000-offering---drilling-and-development-in-the-permian-basin-300175201.html
SOURCE Redhawk Investment Group, LLC
