JBL Energy Partners Outlines Drilling Program for Woodbine, TX Prospect
JBL Energy Partners, an oil and natural gas exploration and production company, and its partners, which include Furie Petroleum, Amerril Energy, LLC and Sun Resources NL among others, today outlined its horizontal drilling program for its 3,800 +/- acreage prospect in the prolific Woodbine play.
The drilling program consists of a total of sixteen locations, all located in Leon County, Texas, with an estimated completion of the end of 2014. The first two wells are scheduled to be spud in Q1 2013, with the initial well scheduled for January 2013. Expected total reserves for the play are estimated at roughly seven million barrels of oil.
JBL Energy Partners, through it's subsidiary, JBL Oil & Gas Operating LLC, will be the operator of the project, with all other partners holding non-operating interests. Total Energy Services, based in Conroe, Texas is being retained to hire drilling crews as well as source the land rig.
"We are very pleased to initiate an aggressive drilling program for our prime acreage in the Woodbine at the beginning of 2013,” said Jason Lane, CEO, JBL Energy Partners. “After evaluating the geology, we have chosen a total of sixteen locations to be drilled over a two year period that we believe will net significant returns to JBL and our partners.”
Over recent years, the Woodbine oil play has begun to see much activity in the drilling of Horizontal Woodbine Sandstone wells. Estimated ultimate recoveries documented by operators in the Horizontal Woodbine Sandstone range from 350,000 to 500,000 barrels of oil on a per well basis. Several companies are active in the area including but not limited to Halcon Resources, Apache, Encana, Chesapeake, EOG, Samson, Petromax and Richland Resources.
Lane continued, “This drilling program is the next, and a natural evolution for JBL Energy Partners, as we look to increase operations in the East Texas region as well as expand to other low risk, high-yield prospects. As a small independent with excellent local relationships and top notch human and technological resources to draw on, JBL Energy Partners is able to reduce costs per prospect and thus provide a much greater rate of return for our employees, partners and investors.”
For more information: http://www.JBLenergypartners.com
About JBL Energy Partners
JBL Energy Partners is an independent oil and gas exploration and production company, Headquartered in Tomball, TX. JBL operations generate onshore prospects across Texas, focusing specifically on the acquisition and early development of properties in the East Texas basin and the Gulf Coast. The Company's low-cost, high-return track record over the past ten years is a direct result of its tenured executive team's experience, landowner relations, singular geographic focus and use of local talent.
Jay Morakis (for JBL Energy Partners)