By OGJ editors
HOUSTON, Mar. 24 -- Texola Energy Corp., Vancouver, BC, acquired from Cedar Strat Corp., Las Vegas, Nev., 102,000 acres of oil and gas leases over the Maverick Spring prospect in Elko and White Pine counties.
Texola will have 100% working interest and 80% net revenue interest, and Cedar Strat retains a 15% back-in working interest.
The prospect area has three major gravity highs and appears to have source, reservoir, and trap, Texola said. The source rock in the Antler Mountain basin is in an area where 3,000-5,000 ft of Mississippian clastics underlie Pennsylvanian surface rocks.
Texola plans to study gamma ray logs, lithology, dipmeter logs, formation tops, and biostratigraphic verification as available on ten wells outside of but near the prospect area to construct a cross section to aid in locating a drill site.