Aminex PLC’s Aminex USA Inc. subsidiary is selling Somerset field in Bexar and Atascosa counties, Tex., as it rationalizes its assets.
Part of the field is being sold for $326,600 to Sun Edison, which will construct solar farms on the property. The rest of the field and related assets are being sold for $375,000 to Cheap Oil Inc., which Aminex said takes responsibility to plug and abandon old wells and other facilities, estimated by Aminex to cost $2 million, and assumes liability for equipment leases.
Aminex purchased Somerset field, discovered in 1911, in 1994. The property consists of a large number of stripper wells. Aminex has attributed no reserves value to Somerset in recent years due to the potential abandonment liabilities and a high operating cost per barrel.
About the Author
Alan Petzet
Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
