Business For Sale Listing 151735
Oil Joint Venture opportunity on 16,000 acres
Status as of Nov-22-2008 at 06:00 PM: Active
Business Summary
16,000 acre five year lease located in West Texas and surrounded by producing oil wells drilled more than 10 years ago. This is the first time this property has been made available for lease.
The offer is $2M for the lease plus $1.5M for the cost of 3-D Seismic and drill on a one-third for one-quarter basis.
3-D seismic is available for the surrounding acreage. Geologists estimate the property consists of 15 Mississippi Reefs with estimated reserves of one million barrels of oil
There are nine pay zones ranging from 1100 to 5000 feet.
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