Louisiana: Port Hudson field interest changes hands

West Texas Resources Inc., Frisco, Tex., has acquired a 7.24625% working interest in the oil and gas leases, wells, and attendant production in Port Hudson field, Baton Rouge Parish, La., from an undisclosed seller for $702,900.

Port Hudson field has three producing wells that have recovered a combined 1.1 million bbl to date with estimated remaining proved developed producing reserves of 294,000 bbl and 229,000 bbl of proved developed behind pipe reserves. The wells are producing 290 b/d.

West Texas Resources’ working interest is subject to certain overriding royalty interests, subject to which the company has a 5.65207% net revenue interest in the field. It is the company’s first meaningful oil and gas acquisition.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...