Glen Rose Petroleum, www.glenrosepetroleum.com – the 29-year veteran, on-shore US oil and gas developer, with some 10.5k acres in Edwards County, Texas’ Wardlaw Field (medium crude of 18-22 API gravity with a 2% sulfur content), today reported acquisition of another 5.4k acres at the Adamson Ranch, which is contiguous to the aforementioned acreage and brings the Company’s total footprint to roughly 15,900 acres.
With a 100% working interest and 20% royalty interest in the Adamson Ranch, GLRP is well-positioned to fully exploit the rich reserves at the site, where engineering study data indicates the presence of an estimated 168.7M barrels of oil-in-place (1984 study on the Wardlaw).
That same report showed that the vast majority of reserves are at a depth of approximately 300 ft., with the light-gravity, heavy oil resource trapped in the dolomitic upper Glen Rose “A” Zone.
COO of GLRP, Ruben Alba, discussed future plans for extensive development at the site by characterizing the acquisition as a shrewd move towards establishing a firm leasehold footprint. Alba also went over exploration data which indicates that the Adamson is “continuous in strata” to the current asset area.
Alba also mentioned the statistical breakdown of the reserves, which occur in multiple productive shallow oil horizons, and explained how the unique completion process and vast experience of the Company would be key to maximizing output as the current pilot matures towards the development of the site’s full potential.
Glen Rose Equity Partners, LLC holds a 12.5% working interest in the Wardlaw, with terms and conditions yielding the right to acquire up to 50% working interest in any additions acquired by GLRP external to the defined area of mutual interest, such as the Adamson.
President of GLRP, Andrew Taylor-Kimmins, spoke of the overall plan for the area and noted how this acquisition is in accordance with the Company’s strategy to acquire some 60k acres within the shallow oil fairway stretching across Edwards, Sutton and Val Verde Counties in Texas.
Taylor-Kimmins explained that the major rework of the Wardlaw, with 26 active producing wells, was proceeding apace of expectations and that the implementation of improved technologies as operations advance was a major element to the Company’s strategy to maximize shareholder returns while creating an extensive production infrastructure in the region.
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