By OGJ editors
HOUSTON, Dec. 21 -- Baseline Oil & Gas Corp. has identified as many as 52 locations for possible infill drilling on leases it is acquiring from a private company in Eliasville field 90 miles west of Fort Worth.
Baseline, of San Antonio, agreed to pay $28 million for oil and gas properties in Stephens County, Tex. The name of the seller was not disclosed. Closing is expected during first quarter, 2007.
Eliasville field, discovered in the 1920s, produces 660 b/d of oil and 100 Mcfd of gas from Caddo Lime at 3,300 ft.
The field has 80 producing oil wells and is on active waterflood with 54 injection wells. It also has 21 idle wells, which Baseline considers Caddo workover candidates.
The company has identified 12 infill locations in central and eastern parts of about 4,600 acres held by production and 20-40 infill locations in western leases, which are developed on 80-acre spacing or greater.
Total proved reserves are estimated at 3.6 million bbl. Proved developed producing reserves total 2.6 million bbl.