Riverdale to Develop South Texas Oil Reserves

US oil and gas company Riverdale Oil and Gas Corp has embarked on a programme to develop oil reserves in the San Miguel formation of South Texas in the US.

The company plans to develop the reserves blanketed around and under the Hitzfelder lease, located approximately 40 miles south of San Antonio, Texas.

Riverdale plan to reperforate the San Miguel formation at 2,950ft in depth in the Hitzfelder well and hydraulically fracture the well using a proprietary system to facilitate the mobility of the oil.

The company estimates that each 40-acre area could contain as much as 240,000 barrels of oil and 120 million cubic feet of gas.