Tejas Joint Venture

Five Field Re-Development Projects | 31 MBP Leases
8 Texas Counties - 79 Active Wells of 133 Total Weeks

Tejas Joint Venture

Five Field Re-Development Projects – 31
HBP Leases – 8 Texas Counties

Gross Production: 3,541,023 Barrels Oil + 11.3 Billion Cubic Feet Gas (5,372,806 Barrels Oil, Equivalent)
Current Production: 33.3 BOPD + 71 MCFGPD (45.5 BOEPD) – 79 Active Wells of 133 Total Wells

Cumulative production from the 31 HBP leases total over 3.5 million barrels oil and 11 billion cubic feet gas, to date. Total Acquisition, Phase 1 Workover and Initial Horizontal Well Costs total $5,000,000, with an initial target incremental of 54 BOEPD, for a total of 100 BOEPD (net) from Phase 1 Workovers which will include prioritization and implementation of the Top 20 well re-completion candidates. Upon completion of a horizontal potential study of all of the HBP properties in the acquisition, an initial horizontal well will be planned, drilled and completed with an additional target incremental of 300 BOEPD, or 123 BOEPD (net). Combined, the workovers and initial horizontal well will add 177 BOEPD, to the existing 46 BOEPD (net), for a total of 223 BOEPD (net).

ENR Production is actively acquiring and re-developing proven, producing oil and gas properties with strong upside in three of the top historic oil and gas plays in Central and West Texas: Bend Arch Province, Eastern Shelf and Permian Basin. The Tejas Joint Venture will pursue five different field re-development projects in these three prolific plays. The target acquisition acreage totals 4,557 net acres, over 31 held-by-production (HBP) leases, with 79 active wells of 133 total wells, currently producing a net 33 barrels oil per day and 73 thousand cubic feet gas per day (46 barrels oil equivalent per day, BOEPD).

Bend Arch Project

Wilbarger and Wichita Counties, Texas

The Bend Arch Project represents 42% (33 of 79) of the active wells, and 15% of the current net production (7 BOEPD of 46 BOEPD total) in the Tejas Joint Venture. Target HBP acreage totals approximately 630 net acres over seven leases at 81.16% WI (60.87% NRI) and is located within the long-established Bend Arch Province west of Wichita Falls, Texas.

The 7 HBP leases have produced 703,370 barrels oil and 59 million cubic feet gas, from 50 wells, to date. 20 of the wells are located in the Paradise Field in Wilbarger County, and produce from 13 active wells completed in the Caddo Formation from a depth range of 4,034 to 4,185 feet.

An additional 27 wells are located in the Wichita County Regular Field in neighboring Wichita County, with 17 active wells currently producing from the Pennsylvania Formation from a depth range of only 758 to 1,783 feet. The remaining three wells are located in the Daves and Lake Wichita Fields and produce from the Conglomerate at 5,646 feet and Caddo Formation at 5,182 feet, respectively.

Numerous wells are scheduled for workovers on the Waggoner, Ramming, Goetze and DavesStone leases, with an additional 20 to 30 BOEPD expected increase in daily production.

Eastern Shelf North Project

Stonewall County, Texas

The Eastern Shelf North Project represents 13% of the active wells (9 of 79), and 27% of the current net production (ie. 13 BOEPD of 46 BOEPD total) in the acquisition. HBP acreage totals approximately 342 net acres over two leases at 93.25% WI (69.9375% NRI) and is located in the prolific Eastern Shelf area northeast of Aspermont, Texas.

The 2 HBP leases have produced 1,161,475 barrels oil and 780 million cubic feet gas, from 18 wells, to date. All of the wells are located in the Old Glory Field in Stonewall County, and currently produce from 9 active wells completed in the Bend Conglomerate Formation from a depth range of 5,742 to 5,878 feet.

The Bend Conglomerate is an excellent oil and gas reservoir with the top well in the Old Glory Field producing 395,231 barrels oil and 236 million cubic feet gas. Currently, the two best wells are temporarily shut-in, and the injection well needs work to restore. A workover rig has been scheduled to begin restoring production to these two wells on the Cleo Smith Lease. Recently, the adjacent CC Cox Lease had one well returned to production at 6 barrels oil per day. As the Cleo Smith Lease returns to production, a 15 to 25 BOEPD increase in production is expected for a total of 25 to 35 BOEPD.

Eastern Shelf South Project

Edwards County, Texas

The Eastern Shelf South Project represents only 3% of the active wells (2 of 79), and 16% of the current net production (ie. 47 thousand cubic feet gas per day, or 8 BOEPD of 46 BOEPD total) in the acquisition.

HBP acreage totals approximately 640 net acres over two leases at 47.67% WI (34.88% NRI) and is located on southern Eastern Shelf area west of Rocksprings, Texas.

The two HBP leases have produced 2.4 billion cubic feet gas, from 2 wells, to date, with the best well producing 2.2 billion cubic feet gas. The two active wells are in the Geronimo Creek Field in Edwards County, and currently produce from the Ellenburger Formation from a depth range of 8,616 to 8,796 feet.

Workovers are planned in both of these wells to increase production by 300 to 400 thousand cubic feet gas per day (or 51 to 69 BOEPD) in both wells, combined.

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Permian Basin Project

Dawson and Gaines Counties, Texas

The Permian Basin Project represents 5% of the active wells (4 of 79), and 6% of the current net production (ie. 3 BOEPD of 46 BOEPD total) in the Tejas acquisition. HBP acreage totals approximately 320 net acres over four leases at 83% WI (62.25% NRI) and is located in the north Midland Basin of the Permian Basin south and east of Seminole, Texas.

4 leases are currently HBP and have produced 33,217 barrels oil and 14 million cubic feet gas, from 4 wells, to date. Two of the four producing leases are located in the Mungerville (East) and Phil Wright Fields in Dawson County. Primary production in the Mungerville (East) Field has been from the Canyon Reef formation at a depth range of 11,078 to 11,190 feet, with cumulative production of 29,192 barrels oil, from one completion in one well to date.

Primary production in the Phil Wright Field has been from the Spraberry formation at a depth range of 7,796 to 7,806 feet, with cumulative production of only 796 barrels oil, from one completion in one well to date. Current production from these two active wells in both fields is less than a barrel oil per day currently.

The other two HBP leases are located in Gaines County, with one well in the Amrow, North Field and the other in the Nickell Field. Both of these wells produce from vertical completions in the Wolfcamp Formation with 20,876 barrels oil combined, with current net production of 3 barrels oil per day.

The Wolfcamp and Spraberry Formations are the two main horizontal targets in the Midland Basin, so all four of these HBP leases could have future horizontal drilling potential in both the Wolfcamp and Spraberry Formations, as the “Wolfberry Trend” moves northwards in the Midland Basin into Dawson and Gaines Counties, from Andrews and Martin Counties, to the south.

Monthly Income Conversion Table

Target Rate 543 BOEPD (gross) or 223 BOEPD (net) – Currently Producing 111 BOEPD or 45.5 BOEPD (net)
Target Reserves 550 MBOE (gross) or 226 MBOE (net) – Only 10% Incremental Needed over Current Cumulative
 Production of 5.4 MMBOE

Total Projections at Risk Capital (after Tax Benefit) for Drill, Test and Completion: $60,000

Click here to download the
full profitability/projection tables

PROVEN HISTORY

Jeremy Paul

CEO. Eagle Natural Resources, LLC

Jeff Sporl

Geophysicist and Geologist

Jeremy Paul

CEO. Eagle Natural Resources, LLC

Jeremy has over a decade of experience in the oil and gas sector. Prior to forming Eagly Natural Resources, he provided consulting services overseeing the start up and expansion of private equity departments for oil & gas producers.

He has spearheaded the efforts behind acquiring over 4,000 net mineral acres across Texas and Oklahoma. Eagle’s portfolio of held-by-production (HBP) properties currently features minority and majority interest ownership in over 200 producing wells.

Jeff Sporl

Geophysicist and Geologist

Jeff has a Bachelor of Science degree in Geophysics from Penn State University. He has over 35 years of seismic interpretation and subsurface integration experience.

In January 1985 were he was selected as one of five lead Amoco geophysicists to evaluate Tenneco’s Gulf of Mexico properties in a $2.6 Billion acquisition attempt, and evaluated three of Tenneco’s largest offshore gas fields.

With an impressive well success record over 75% on 45 discovery wells drilled to date.

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There are significant risks associated with oil and gas investments. Information found on this site is for general purposes only and is not a solicitation to buy or an offer to sell securities. General information on this site is not intended to be used as individual investment or tax advice. Consult your personal tax advisor concerning the current tax laws and their applicability and effect on your personal tax situation.

Eagle Natural Resources, LLC

ENR Operating, LLC RRC # 253075

5445 Legacy Dr. STE 440 Plano TX 75024
Phone: (972) 674-1024
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