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Flowtex Energy Acquires Minerva-Rockdale Oil Drilling Acreage
Tuesday 10 September 2019

10 September 2019 - Texas, US-based Flowtex Energy has acquired the Texas-based oil drilling acreage of Minerva-Rockdale Field, located Texas, the company said.

Terms of the transaction were not disclosed.

Acquiring the Minerva-Rockdale Field has raised Flowtex's total controlled acreage above the 3000-acre mark and increased its producing well count to 26.

This acquisition adds 545,010 barrels of net proved and probable oil reserves to the company's portfolio, according to a report written by Mire and Associates.

Flowtex said the acquisition, the largest in company history, is a low-risk prospect with multiple objectives, building on the success of the company's Yang well, which is currently being completed.

The Minerva-Rockdale field was originally drilled by Rockdale Energy in 2012 and contains 16 total wells.

13 of those wells are currently producing, one is an infield saltwater disposal well, two have been drilled, but not completed.

Flowtex said it intends to complete the two uncompleted wells and drill 10-15 new wells between now and the end of 2020, the first new drill and recompletions before the end of this year.

Flowtex Energy is an independent oil and gas producer that partners with accredited investors to develop Texas Oil and Gas fields.
Details
Date Published: 10/09/2019
Target: Oil drilling acreage of Minerva-Rockdale Field, located Texas
Country: USA
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Financing:
Status: Closed
Vendor:
Buyer: Flowtex Energy
Comment:
This acquisition adds 545,010 barrels of net proved and probable oil reserves to the company´s portfolio, according to a report written by Mire and Associates.

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