By the OGJ Online Staff
HOUSTON, Sept. 24 -- Ivanhoe Energy Co., Bakersfield, Calif., and Unocal Corp. said Monday they have agreed to explore for oil and gas in East Texas in a 50:50 venture.
They plant to drill Bossier Sand prospects on 46,000 gross (37,000 net) acres that Ivanhoe has amassed primarily in Henderson, Anderson, and Freestone counties.
David Martin, Ivanhoe chairman, said, "Our extensive leasehold position offsetting the existing and highly successful Bossier play gives Ivanhoe and Unocal an excellent opportunity to extend this play to the north and east."
Unocal will be operator and will fund the first several exploration wells to offset Ivanhoe's $10 million in leasehold and seismic expenses. Thereafter, they will share costs equally. The first well will be spudded in November.
Ivanhoe said the Bossier sand trend consists of multiple fields and multiple pay zones. Typical Bossier wells produce 2-4 MMcfd from about 12,000 ft.
