Texas: Aminex USA selling Somerset oil field assets

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.

To access this Article, go to: