The Louisiana and Oklahoma field discoveries add significant oil and gas reserves to Aresco’s existing portfolio of producing properties; along with its lead operating partners and other capital partners, Aresco’s newly secured base of reserves totals a combined Estimated Ultimate Recovery (EUR) potential of 400,000 barrels of oil and 30+ billion cubic feet of natural gas
Aresco LP, a Dallas-based energy exploration and production company, today announced a record-setting quarter with successful well completions that have resulted in the co-discovery of two new fields in Louisiana and Oklahoma. The two recently-discovered fields are currently in production; a third field, which is also located in Oklahoma, is expected to go into production in April 2016. The discoveries add significant oil and gas reserves to the company’s existing portfolio of producing properties, which previously included production exclusively from Texas.
Key highlights from Aresco’s recent drilling activity include:
“Our strategic entry with experienced, highly-focused lead operating partners in Oklahoma and Louisiana has proven very positive for our company and our capital partners,” said Brandon Laxton, President and Founder of Aresco LP and Aresco Operating. “By targeting projects in proven producing areas with well-established infrastructure and lower cost structures, these projects enjoy attractive return potential at even today’s prices. And, with long-lived reserve potential and a significant drilling inventory, we also enjoy the flexibility to easily pursue additional opportunities well into the future as prices continue to rebound. We couldn’t be more pleased.”
Combined investment in the three fields by Aresco, its lead operating partners, and other capital partners have yielded:
First quarter 2016 capital investment has also solidified working interest positions in two new development projects covering more than 7,000 net mineral acres in Louisiana and Texas. The new acreage adds up to 23 more drilling locations, which represents an approximate 15-year addition to Aresco’s existing drilling inventory. Two wells are scheduled to spud in 2Q16.
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About Aresco LP
Aresco LP is a privately held Dallas-based exploration and production company actively engaged in developmental drilling, mineral leasing, and production acquisitions in conventional and unconventional oil plays throughout Texas, Oklahoma, New Mexico, Louisiana, and the entire Gulf Coast region. The company specializes in production-driven projects designed to provide income stability and strong growth potential. Aresco’s asset portfolio provides a strong balance of ownership positions in rapidly developing conventional formations and development projects in proven oilfields with decades of active drilling and production.