Signature Exploration and Production Corp. recently released information regarding its Koliba Prospect oil fields in Victoria County, TX. In the Koliba Prospect, which is a 173-acre lease, the company has identified three significant target zones. The Koliba Prospect will be drilled 250 feet from an existing large producing well, and is considered a low risk / high reward prospect due to its proximity to previous wells.
According to the Texas Railroad Commission, the Placedo, Heyser, McFaddin, Hog Bayou and E. Sheriff fields (all contained in the Project) have produced approximately 159 million barrels of oil and 1.8 trillion cubic feet of natural gas. Using the prices of $77.12 Bbls of oil and $5.95 Mcf of gas, the cumulative production of crude oil and natural gas is valued at approximately $22.8 billion.
Steven Weldon, Chairman and CEO of Signature Exploration, commented, “Multi-billion dollar oil and gas production within Victoria and Calhoun Counties makes the Koliba well (which is located in Victoria County) ideal for the Company and our stockholders.” He concluded, “With the land surveys complete, we are moving forward on this exciting prospect which is set to drill in a few weeks.”