West Texas Resources Buys into Louisiana Back to Blog

Aug 21


  • Created: Mon 7th Jan 2013
  • Erin

Frisco, Texas – West Texas Resources, Inc. ( OTCQX : WTXR ), a Texas-based independent oil and gas company, has announced its acquisition of a 7.24625% working interest in the oil and gas leases, wells and attendant production in the Port Hudson field, Baton Rouge Parish, Louisiana, for total consideration of $702,900. The Port Hudson field has three producing wells that have produced a total of 1.1 million bbls to date with estimated total remaining recoverable proved developed producing reserves of 294,000 bbls, and 229,000 bbls of proven developed behind pipe reserves. The wells are currently producing 290 bbls per day. West Texas’ working interest is subject to certain overriding royalty interests, subject to which West Texas has a 5.65207% net revenue interest in the Port Hudson field.
According to Stephen Jones, CEO of West Texas Resources, “We are pleased and excited to have closed the Port Hudson transaction. The transaction represents our first meaningful oil and gas acquisition. Our working interest provides us with a substantial amount of net reserves and the cash flow from production should put us close to break-even on a cash flow basis.”

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