Explortex Energy has entered into an agreement with Mesa Resources to participate in the development of the Mesa Resources Bridges lease in Texas, US.
The Bridges lease located in Palo Pinto County has multiple productive zones in a total depth of between 1,100ft and 5,000ft, with existing production and several offset producing wells in all directions on the adjoining leases.
Both firms have agreed to drill these relatively inexpensive wells, where the above field elevation of each well is estimated at $550,000 per well.
With the initial drill programme, Explortex will acquire a 50% working interest in each well to test multiple targets underlying the Bridges lease.
