VirTex Operating Co., Inc. Assets for Sale
CORPUS CHRISTI, Texas, Jan. 7, 2016 /PRNewswire/ -- VirTex Operating Company, Inc. of Corpus Christi, Texas is announcing the divestment of its interest in approximately 34,000 acres of prime Eagle Ford Shale assets in Webb and LaSalle Counties, Texas. The assets comprise VirTex's 25% working interest in a venture with BP. Dale Phipps, President of VirTex, says "the venture has the largest amount of recoverable natural gas and oil he has seen in his 30-year career and represents a very rare buying opportunity for such long-term, high-return assets." Eagle Ford wells in this venture are producing from both the lower and upper Eagle Ford Formations and recoveries may exceed 12 billion cubic feet per well. As in most areas of the Eagle Ford Shale, recent testing has shown the need for tighter density drilling thereby necessitating hundreds of wells to be drilled over many, many years.
A major portion of the acreage held by the venture is adjacent to Swift Energy Company's Fasken Ranch acreage, where Swift has reported publicly that some of their wells have made over 1 billion cubic feet of natural gas in less than 60 days with flow rates as high as 30 million cubic feet per day.
VirTex believes the asset will attract interest from a wide audience, including international companies vying for a position in the coveted Eagle Ford Shale, where acquisition opportunities have been few and far between. Mr. Phipps says that "BP has been a great partner and the outstanding technology they bring to the project has, and will continue to be invaluable."
Interested parties should contact VirTex's advisor for additional information: Mr. Kevin Andrews, Wunderlich Securities, Houston (713-403-3979).
Source: PR Newswire
(January 7, 2016 - 4:02 AM EST)
News by QuoteMedia