Bonanza Oil and Gas, Inc., an independent oil and gas company that holds assets ranging from current producing properties to developing working interests in Proven Undeveloped CPUDS properties, recently announced that the production level of the Jackson Well has increased by approximately 50 percent after performing re-fracturing stimulation of the well. The Jackson well is located in the Apclark Field, Borden County, Texas, just east of the Jo Mill Field that has produced over 54 million barrels of oil.
Bonanza Oil and Gas is currently evaluating other asset properties that may be purchased and/or merged into the company. To date, the company has entered into a letter of intent regarding current production in Oklahoma and is actively seeking additional producing opportunities. Under the terms of the letter of intent, the agreement is subject to the drafting and negotiation of a final definitive offer, performing due diligence and receiving approval from the company’s board of directors.
Bill Wiseman, president and chief executive officer of Bonanza Oil and Gas, Inc., stated, “The company is pleased with the improved performance in Apclark. We will continue to implement our business plan and strategy, by developing PUDS, and adding proven reserves to the company.”