Evolution Petroleum Corp. signed a joint venture agreement with an unnamed private oil and gas company to develop the company’s properties.
Evolution Petroleum Corporation said that the agreement covered five horizontal wells in the Giddings Field located in Central Texas. The company’s properties in the Giddings Field are in Burleson and Grimes County.
The five horizontal wells will target several different producing oil and gas zones including the Austin Chalk and Georgetown formations. The company said that a typical well here produces approximately an equal proportion of crude oil, natural gas and natural gas liquids.
Robert Herlin, the CEO of Evolution Petroleum Corporation, said, “We are pleased to resume development of our Giddings undeveloped portfolio in partnership with a strong industry operator who recognizes our horizontal drilling capabilities and reserves potential.”
Evolution Petroleum Corporation said that the first well would spud within sixty days and drilling operations will be finished by the end of the first quarter of 2010.
Evolution Petroleum Corporation has 18,000 net acres under lease in the Giddings Field. The company’s assets there include ten wells currently under production and flowing to sales, and twenty-three undeveloped drilling locations.
For more information on the company, go to www.evolutionpetroleum.com