Oil and gas exploration company Flowtex Energy has announced the completion of its latest acquisition of a field with substantial producing acreage and leases located in East Texas.
The acquisition complies with Flowtex’s growth strategy, which increases its portfolio of assets and output.
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Flowtex president Beau Flowers said: “This acquisition demonstrates the Flowtex strategy perfectly. We're able to acquire productive fields like these, leveraging the prior research and development, and increasing our available output because so many companies were over-extended, forced to walk away from what they started, leaving a lot of oil in the ground.
“We acquire these undervalued assets and bring our expertise to operate the leases efficiently, while dramatically reducing the risk.
“Success in the oil business is about efficiency. In this case we already know there's a lot of oil so we just need to produce it as efficiently as possible.”
Flowtex focuses on acquiring and developing domestic oil and gas assets in the US.
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By GlobalDataFlowers further stated: “The site's first workover has already been significantly more successful than expected.
"Undervalued assets such as these are helping to drive our growth.
“Our initial plan includes bringing five wells back into production. Under the supervision and planning of Joel and Juan Tamez of 'J&J Tamez', the Flowtex team could not be more pleased with the results.
“A well that was deemed unrepairable came back into production on 8 January, with an initial production rate of 230 BOPD, which has stabilised, without issue, at double our expected production rate. This victory has the team very eager to move on to the next set of wells this month.”
Flowtex was established in 2014 amidst falling oil prices in the global market, resulting in several distressed assets becoming available.
The company hired an experienced technical team to identify the best prospects for acquisition.
The team analyses potential yield of every lease and opportunities of every asset to accurately identify acquisition options.
Flowers also informed that Flowtex will continue to acquire underperforming assets.
