Cardinal Energy acquires Shackelford oil leases

Cardinal Energy Group Inc., Dublin, Ohio, has signed a definitive agreement that completes its acquisition of the Conway-Dawson leases in Shackelford County, West Central Texas. Seller was not disclosed.

The acquisition gives Cardinal an 85% working interest in the 618-acre field, which has 46 wells and one injection well. Cardinal will retain the services of the present operator who estimates that remediating 11 wells in the next few weeks will greatly increase production significantly.

Shackelford County is known for Cook Ranch oil field, which produces from a highly permeable lens of Cook sand of lower Permian or upper Pennsylvanian age at an average 1,300 ft. Discovered in 1926, the field has been operated with low-pressure gas injection since July 1927, one of the first such projects in Texas.

Cumulative production exceeds 14,701,131 bbl or an average of 1,013 bbl/acre-ft. The high permeability and reservoir uniformity are favorable for this type of operation.

Cook Ranch field is the largest of a number of relatively small, shallow producing areas near Albany.

Cardinal Energy said the purchase is its first producing acquisition outside the Appalachian basin and is an ideal field to execute our remediation strategy. The existing wells produce 30 bbl/month. Reworking the first 11 wells should bring their output up to 10 b/d. Other reworks will follow systematically.

Related Articles

Shell submits revisions to its 2015 Chukchi Sea exploration plan

08/29/2014 Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. ...

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

MARKET WATCH: Crude oil futures end trading session higher in New York

08/29/2014

Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.

EIA: US sees lowest pre-Labor Day gasoline prices in 4 years

08/29/2014 US retail prices for regular gasoline averaged $3.45/gal on Aug. 25, which was lowest price on a Monday preceding the Labor Day holiday in the US s...

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