Gulfmark Energy Group has signed a non-binding $55m letter of intent with Notre-Dame Capital to assist with the development of the Eagleford Shale assets in Texas, US.
Gulfmark Energy will drill vertically through the Escondido, Olmos, San Miguel, Austin Chalk and Eagleford Shale formations, inclusive of the horizontal drilling of 3,000-4,000ft on reaching the impressive shale play.
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By using horizontal wells with multi-stage fracturing technologies, Gulfmark will assess all of the undeveloped potential opportunities to expand its operations.
Multiple targets were identified and other opportunities are under evaluation and analysis.
Gulfmark Energy president and CEO Michael Ward said that the financing will allow the firm to explore all resources available in its asset base.
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By GlobalData
