The purchase covers an area of approximately 680 acres and includes two active oil wells on the 160 acre Smith Lease.
Global Earth Energy president Sydney Harland said, "This will generate immediate revenue for the company, while the other wells that will be drilled will greatly increase our overall revenue from the Smith-Needham lease."
The Smith-Needham property features proven developed producing and behind pipe reserves (PDP, PDNP) in the Austin Chalk and Buda Formations.
Multiple drilling locations identified in the Austin Chalk and Eagle Ford trends for future development with up to 250,000 barrels of oil to be recovered per well. Multiple pay targets provide well diversity for enhanced risk management.
