Loyz, Rex Oil & Gas in US farmin with Fram

Loyz Energy Ltd. of Singapore and technical partner Rex Oil & Gas Ltd. have agreed to participate in the drilling of 80 wells in Colorado and North Dakota on acreage held by Fram Exploration, Trondheim, Norway.

Loyz and Rex Oil & Gas will provide two rigs and earn a 40% share of the net revenue interest in each producing well, convertible into a working interest. Splitting costs and interests evenly, they’ll supervise and execute drilling under a turnkey contract.

Fram will contribute $12 million of the cost of drilling the first 40 wells. Loyz and Rex will contribute the remainder, estimated at $28 million. For the other 40 wells, Fram will pay $28 million and Loyz and Rex the rest, estimated at $12 million.

In Colorado, Fram operates the 90,445-acre Whitewater Federal Production Unit in the Piceance basin (OGJ Online, Apr. 14, 2010). Within the unit, it holds a 95.6% working interest in 54,000 acres.

Fram made an oil discovery in the previously gas-prone area in 2010 in its Mansur 33-1-K well.

In North Dakota, Fram holds leases centered on 10,863 acres in Renville County in the Williston basin. It believes shallow Mississippian Mission Canyon carbonate is prospective for oil in the area. It says an exploratory well it drilled in March 2011, Funke No. 1, cut 32 ft of net oil pay in the formation.

Related Articles

Pemex lets production systems contract for Lakach development

10/14/2014 Petroleos Mexicanos (Pemex) has let a $290-million subsea production systems contract to OneSubsea, a joint venture of Cameron International Corp. ...

Contract let for early Snorre C TLP work

10/14/2014 Statoil has let a contract to Wood Group Mustang for preliminary work on a tension-leg platform proposed for Snorre oil and gas field in the Tampen...

Daybreak advances Kentucky, California operations


Daybreak Oil & Gas Inc., Spokane, Wash., has advanced its operations in Kentucky and California.

Petronas purchases share in Shah Deniz for $2.2 billion


Malaysia’s Petronas has purchased a 15.5% share in the Shah Deniz production-sharing agreement in Azerbaijan from Statoil ASA.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected