The Jackson well is in the Apclark field, Borden county, Texas, and is operated by Westerly Exploration. Apclark field is five miles east of the Jo Mill field and has produced over 54 million barrels of oil.
Bonanza Oil and Gas is continuing to evaluate other asset properties that may be purchased and/or merged into the company. It has entered into a letter of intent (LOI) for current production in Oklahoma, and is seeking additional producing opportunities. The transaction under the LOI is subject to the drafting and negotiation of a final definitive agreement, performing due diligence as well as board approval of the company.
Bill Wiseman, president and CEO of Bonanza Oil and Gas, said: “The company is pleased with the improved performance in Apclark. We will continue to implement our business plan and strategy, by developing PUDS, and adding proven reserves to the company.”
