The Bourland Field consists of a 960-acre unit with eight producing wells from the San Andres formation at 4,400ft, known as the Edwards Unit. The unit currently produces 13 barrels of oil per day. There are nine additional drilling locations which are expected to increase production to approximately 160 barrels of oil per day.
The Bourland Field is expected to add around 800,000 barrels to the 1.2 million barrels of oil in reserves. The field is scheduled to commence drilling in the fourth quarter of 2008. Bonanza purchased the property for $750,000, and will retain a 75% working interest in the property.
