Crude Energy acquires interest in Texas' Permian basin
DALLAS -- Crude Energy, LLC has acquired a 50% working interest in 3,680 acres located in Sterling County, Texas, in the heart of the Permian basin.
The acreage is located in northwestern Sterling County in an area with multiple pay zones. Wells drilled on or adjacent to this block have produced from the Lower Wolfcamp Lime, the Canyon Sand, the Mississippian Chert and Lime, the Fusselman Lime, the Montoya Lime, and the Ellenburger Dolomite. Using improved exploration and exploitation methods, this position offers Crude Energy the opportunity to develop significant oil and gas reserves with low to moderate risk.
Parker Hallam, President of Crude Energy, said, "We have been looking for Permian acreage in the Wolfcamp trend that is managed by a top-quality operator and we finally found it with this deal." Hallam added, "This Permian basin and specifically this Wolfcamp play is one of the most prolific oil and gas producing areas on the planet and Crude is now centered in the heart of the play which could contain in excess of 50 billion bbl of oil."