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).