By OGJ editors
HOUSTON, Aug. 21 -- TX Holdings Inc, Miami Beach, Fla., reported that it intends to bring marginal wells in Texas into full production, expending private placement funds for recompletions and workovers of the Louie Williams, Parks, and Contract Area 1 leases, primarily in Eastland and Callahan counties, Tex.
The company recently acquired a 75% working interest in the 320-acre Parks lease in Callahan County. The lease, which has estimated reserves of 12-13 million bbl of oil, contains 22 wells. It adjoins the Williams lease, in which the company also has acquired a working interest. The Williams lease has 24 million bbl of reserves, all from shallow zones less than 1,000 ft, including the Frye, Tannehill, Saddle, and Bluff Creek zones, and the upper, middle, and lower Cook zones.
TX Holdings plans to initiate a recompletion and workover program as soon as possible to bring all existing wells into production. The emerging company also plans to acquire and develop additional oil and gas leases and options on properties with proved and provable reserves in Texas, Louisiana, and Oklahoma.
