West Texas Resources, Inc. is engaged in the business of oil and gas exploration and development in North America. The Compans objective is to become an independent energy company engaged in the acquisition, development and exploration of oil and gas properties in North America in partnership with oil and gas producers. The Companys strategy is to pursue strategic acquisitions of interests in oil and gas properties, including prospects with proven and unproven reserves, which it believes to have development potential. The Company targets both new and existing fields and producing wells to be revitalized.
WHAT WE DO.
The main directions of the companys activity is investing in oil exploration and development. West Texas Resources, Inc. is engaged in the business of oil and gas exploration and development in North America. The Companys objective is to become an independent energy company engaged in the acquisition, development and exploitation of oil and gas properties in North America in partnership with oil and gas producers. The Companys strategy is to pursue strategic acquisitions of interests in oil and gas properties, including prospects with proven and unproven reserves, which it believes to have development potential. The Company targets both new and existing fields and producing wells to be revitalized.
OUR MISSION.
Our business strategy is designed to create and maximize shareholder value by combining and leveraging the knowledge and expertise of our management team with that of our industry partners to develop a diversified portfolio of oil, and natural gas producing projects and prospects.
Projects
- In June and July 2014, we acquired non-operating leases covering approximately 1,070 gross mineral acre leases in the Wolfcamp Field located in Hale County, Texas. The leases have a primary term of five years with the Company option to extend the term for another five years. The leased properties constitute the surface acreage comprising a natural gas prospect, for which we hold 50% of the working interest and 40% net revenue interest. The leased properties are subject to a 20% royalty interest held by the owners and a third party. We are currently evaluating the Company options for the exploitation of the leased properties, including the Company sale of the leases or the Company farm-out of the leases to a natural gas operator.
- We hold a 1% working interest in an oil prospect located in Floyd County, Texas. The working interest comprises 15,000 leased acres in the southern section of the Palo Duro basin. The initial project will be the re-entry of the Stansell #1-A well, an existing well bore that was drilled in 2006. The original drilling encountered oil shows in three separate reservoirs and the operator intends to re-enter and recomplete the Stansell #1-A using current fracture stimulation technology. We have a carried 1% working interest in the Stansell #1-A well through the tanks. In April 2015, the operator has started the re-entry of the Stansell #1-A well. Subject to our receipt of additional capital, we intend to pursue the acquisition of additional equity interests in other oil and gas properties in North America. However, as of the date of this report, we have no understandings or agreements in place concerning our acquisition of an interest in any other properties.
- We hold a 31% working interest in an oil well located in Eastland County, Texas. The working interest comprises 40 Acres, more or less, being the Northeast Quarter (NE/4) of the Northeast Quarter (NE/4) of Section 27, Block 2, E.T. RR. Co. Survey, Abstract 106, Eastland County, Texas and the Dallas Production No. 1 Rutherford well located 467 FNL and 46 FEL of the NE/4.
- We completed a working interest acquisition agreement with Two Eagles Resources of White Oak, Texas. The agreement involved West Texas Resources acquiring 25% Working Interest (18.75% net revenue interest) in the T.W. Lee Unit No. 1 located in Gregg County, Texas.
- The F M Ezzell et al lease was acquired from a small independent operator effective December 1, 2016. The lease consists of 50.68 acres located in Wilson County, Texas. There is one shut in well on the lease completed in the Poth B formation. West Texas Resources, Inc. acquired 100% working interest and 75% net revenue interest in the lease from surface to a depth of 3000 feet. Further research is being done on the property.
- The Hindman 2 well was acquired from a small independent operator effective December 1, 2016. The lease consists of wellbore rights to the Hindman No.2 well located in Gonzales County, Texas. There is one producing well. West Texas Resources, Inc. acquired 100% working interest and 75% net revenue interest in the well with rights to the wellbore depths. Further research is being done on the property.
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