Dallas-based Gulf Coast Western, LLC announced today that its first well in the Home Run Field in Brooks County, Texas is in production. Gulf Coast Western explores, develops and acquires domestic oil and gas reserves primarily in the Gulf Coast region of the United States.
The Texron Perez #1, which went into production on June 17, 2015, is currently producing an average of 270 barrels of oil per day (BOPD) from the Vicksburg Formation in the Home Run Field located in South Texas. Gulf Coast Western and its San Antonio-based operator, Texron Operating, LLC, drilled to a depth of 12,700’ and fracture-stimulated 3 sections of the Vicksburg reservoir.
“We are very pleased with the initial production we are seeing from our first well in this area,” said Gulf Coast Western CEO Matthew H. Fleeger. “These are exactly the type of results we were expecting to see based on the success Occidental Petroleum has experienced in offsetting wells. Based on the early results, we are exploring opportunities with Texron to drill additional wells in this proven field.”
Texron and Occidental Petroleum are among several companies producing from the Vicksburg Sands in the Home Run Field, which was first discovered in 1974. Many of the Wells surrounding the Texron Perez #1 averaged in excess of 250 BOPD in their first year of production.
Gulf Coast Western maintains a strategy focused on acquiring interests in prospects and properties that have excellent geological and geophysical attributes in well-developed structures, which provide significant return potential with quantified downside risk for our participating partners.