SOURCE: TexStar Energy Corporation
LULING, TX--(Marketwire - Jul 24, 2012) - TexStar Energy Corporation today announced that the N.J. Carter Lease consisting of 20 wells in Caldwell County, TX will be the next phase of its ongoing development in the Austin Chalk. TexStar will retain a 20% carried working interest being 15% net revenue in the wells. TexStar Energy commissioned Geologic (a geological engineering company) to evaluate the wells' potential. Geologic's report concluded, "The N.J. Carter Lease is a multi-well (20 wells) re-stimulation and secondary recovery project for the Austin Chalk, Eagle Ford, and Buda reservoirs at a depth of ~ 1800' to 2100'. The N.J. Carter Lease, located in the Luling-Branyon field area, has produced 200,000+ BO. Based on 'Core and Log Analysis,' the Targeted Remaining Recoverable Reserves are 2,310,000 BO. The N.J. Carter Lease is ideally located along the up-thrown side of the Luling-Branyon Fault thereby, increasing the productive potential of the multiple reservoirs and maximizing per well production."
TexStar Energy Corporation is engaged in the oil and gas business, with operations located primarily in Texas. The Company's ultimate strategic focus is the development of oil and natural gas production and reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. Charles Burris, President, stated, "TexStar is very excited not only for ourselves but also for our partners to have the N.J. Carter as an addition to our developments in Caldwell and Guadalupe County, TX."
TexStar Energy is a Texas based oil and natural gas exploration company. TexStar and its experienced management team are well situated to take advantage of the many opportunities that are present in today's energy markets. TexStar feels that with the stabilization of higher than average oil prices, it is positioned to profit in today's booming energy market.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those, described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Company Ratings: BBB D&B
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