US-based exploration and production (E&P) company Barron Petroleum has announced that it made a major discovery at a 13,000-acre field in Val Verde County, Texas.
The field is estimated to hold 417 billion cubic feet (bcf) of oil and gas reserves, which is equivalent to 74.2 million barrels.
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Located about six miles southwest of the Massie (Strawn) field, the ‘Sahota Carson 20BU #1’ well encountered about 70ft of gas-bearing Strawn porosity.
The well has been tested at rates of up to five million cubic feet per day following stimulation.
According to the company, the 13,000-acre prospect was developed using a 3D seismic survey. Barron holds a 100% working interest (WI) in the prospect.
Barron Petroleum president and CEO Barron Petroleum said: “We are currently evaluating means to further enhance location selection and well performance. The company intends to continue our drilling programme, encouraged by the recent strengthening in natural gas prices.
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By GlobalData“Our team is very ecstatic and the next step is to figure out how to develop the lease or get someone to join the venture with us. Our company has a significant cost advantage since we internally source many well construction services. We are proud of our low-cost operating structure.
“This discovery is also near existing infrastructure, which avoids the extreme Waha hub gas price variability.”
The Val Verde sub-basin is located south-east of Permian’s Midland sub-basin.
