NYTEX Energy buys acreage in Permian basin

9/20/2013

NYTEX Energy buys acreage in Permian basin

DALLAS -- NYTEX Energy Holdings, Inc., operating through its subsidiary NYTEX Petroleum, Inc., has announced the acquisition of 5,325 leasehold acres in the Texas Permian basin in a joint venture that includes Greeheyco, Inc.

Under the terms of the joint venture agreement, NYTEX is the designated operator of the prospect acreage on which up to 33 wells can be drilled. Currently holding a 10% working interest in the acreage, NYTEX is in negotiations with several joint venture partners to increase its working interest ownership position in the acreage.

The primary objective is the San Andres formation. The wells are planned to be drilled horizontally in existing oil fields where only vertical wells have been drilled for many decades. Utilizing horizontal drilling and advanced completion technologies, recent horizontal San Andres wells in the Permian basin have resulted in initial production rates in excess of 200 bopd and significant estimated ultimate recoveries.

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