The Texas Two-Step Joint Venture will be formed for the purpose of acquiring up to a 10% working interest in two oil, gas and mineral leases, to re-enter two wells in Matagorda County, Texas.
The first well in the Texas Two-Step Program is the Huebner #1 in the Live Oak Creek development project. The Huebner #1 was drilled in late 2014 with logged potential pay in seven zones. Downhole mechanical issues and low commodity prices in early 2016 made further work on the well uneconomic and the project was put on indefinite hold. With oil prices now on the rise, the lead geologist on the project is proposing to reenter the well and establish commercial production in either the Crooker, 8,300’ sand or the Hammon, 8,400’ sand. Once production is established, he proposes to drill a second well on the lease to exploit the deeper reserve zones noted on the Huebner #1 log, in an updip position. Drilling an additional well on the lease will be optional for the Texas Two-Step JV partners and could potentially add 1,215,000 barrels of oil equivalent to the economics.
The second well in the Texas Two-Step Program is the Dawdy #1 well. The Dawdy #1 well was drilled to a total depth of 10,250’ and a pumping unit was installed on the well late last year. The well needs to be reentered and the pump reengineered in the current productive zone. The Dawdy #1 well has a potential 4,380,000 billion cubic feet of gas and 374,175 barrels of oil based on the post drill log
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CEG Holdings, LLC. Company Overview:
CEG Holdings, LLC., is an acquisitions company based in Austin, Texas, with over 70 years of combined energy industry experience, that specializes in buying undervalued oil & gas investment properties, with accredited individual & institutional investors. The corporate office is located at 317 Ranch Road 620 South, Suite 205, Austin, Texas, 78734. Our specialty is participating in lower risk, tax favorable oil and natural gas field development and exploratory drilling programs.
CEG Holdings is typically able to participate alongside large public companies drilling in productive areas where additional reserves are likely to be discovered. After 70 years of energy industry experience, we have learned what works and what does not. Following this disciplined pre-screening approach, which includes: utilization of 3D seismic technology, detailed field analysis, state record searches, working with the right oil well drilling companies, independent third party reviews and partnering with proven industry leaders, provides the highest odds for success.
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The information contained herein is for informational purposes only. Nothing contained herein is an offer to sell securities.
CEG Holdings, LLC.
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CEG Holdings, LLC.
317 Ranch Road 620 South, Austin, Texas 78734