West Texas Resources Inc., Frisco, Tex., has acquired a 7.24625% working interest in the oil and gas leases, wells, and attendant production in Port Hudson field, Baton Rouge Parish, La., from an undisclosed seller for $702,900.
Port Hudson field has three producing wells that have recovered a combined 1.1 million bbl to date with estimated remaining proved developed producing reserves of 294,000 bbl and 229,000 bbl of proved developed behind pipe reserves. The wells are producing 290 b/d.
West Texas Resources’ working interest is subject to certain overriding royalty interests, subject to which the company has a 5.65207% net revenue interest in the field. It is the company’s first meaningful oil and gas acquisition.