Cardiff Energy, a U.S. subsidiary of Cardiff Energy Corp., recently acquired an oil and gas lease in Texas. The company, based in North Vancouver, British Columbia, said the new lease spans 468 acres in Ballinger, Texas.
With the goal to explore and develop oil and gas leases in the U.S., Cardiff Energy Corp. said it will eventually grow operations in the Western Canadian Sedimentary Basin.
The company said the newly acquired lease is located near the Bearcat #4 well, which reached total depth Sept. 16. The company said it has detected the presence of hydrocarbons in several formations including its primary zone, the Gardiner Limestone. Cardiff Energy Corp. said it is still undergoing production testing for the Gardiner Limestone.
"We are very pleased that we have secured this lease and look forward to the opportunity to develop this area further," President of Cardiff Energy Jack Bal said in a statement.
The company said the lease also holds eight well bores, which include unproduced oil and gas zones that will be subject to testing.