Aminex PLC’s Aminex USA Inc. subsidiary is selling Somerset field in Bexar and Atascosa counties, Tex., as it rationalizes its assets.
Part of the field is being sold for $326,600 to Sun Edison, which will construct solar farms on the property. The rest of the field and related assets are being sold for $375,000 to Cheap Oil Inc., which Aminex said takes responsibility to plug and abandon old wells and other facilities, estimated by Aminex to cost $2 million, and assumes liability for equipment leases.
Aminex purchased Somerset field, discovered in 1911, in 1994. The property consists of a large number of stripper wells. Aminex has attributed no reserves value to Somerset in recent years due to the potential abandonment liabilities and a high operating cost per barrel.