Texas: Glen Rose raises funds for heavy oil fields

Glen Rose Petroleum Corp., Katy, Tex., raised $1.93 million from non-US investors to examine deeper zones in Wardlaw and Adamson Ranch fields in West Texas.

By OGJ editors
HOUSTON, July 14
-- Glen Rose Petroleum Corp., Katy, Tex., raised $1.93 million from non-US investors to examine deeper zones in Wardlaw and Adamson Ranch fields in West Texas.

The company produces 60 b/d of oil from 30 reworked wells on 375 acres of its 15,900 leased acres. To date 136 wells have been drilled on the property, of which 92 are permitted for production with as many as 48 having potential to be reactivated. Unspecified exploration indicates several substantial pay zones with potential hydrocarbon presence, the company said.

Glen Rose has five leases totaling 10,500 gross acres in Wardlaw and 5,400 gross acres in the Adamson Ranch, both in Edwards County.

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