Independents adding to Palo Duro land base

By OGJ editors
HOUSTON, Dec. 14 -- More Canadian independents are establishing land holdings aimed at a Lower Pennsylvanian Bend shale gas play in the Palo Duro basin of West Texas.

Newmex Minerals Inc., Calgary, completed acquisition from a private Canadian company of a 45% working interest in unspecified lands. PetroGlobe Energy USA Ltd., Calgary, holds the other 55%. The companies plan to expand the gross acreage position to 100,000 acres from 58,000 acres now. PetroGlobe said it is accumulating acreage in Motley, Floyd, Briscoe, Swisher, and Hale counties.

PetroGlobe and Newmex plan to drill four exploratory wells in 2006.

Meanwhile, Bankers Petroleum Ltd., Calgary, spudded the Misener-1, its first appraisal well, permitted to 10,500 ft. Site is in Floyd County 4.5 miles northeast of Floydada (OGJ Online, Dec. 7, 2005).

Secondary targets, Bankers Petroleum said, are the San Andres, Clear Fork, Wolfcamp, Upper Pennsylvanian, Strawn, and Morrow formations.

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