This property has been producing and has existing wells available for reentry; Pilgrim Petroleum will focus on refitting this property as well as other hydrocarbon lease holdings in order to create an increase in company value.
Matt O’Bryant, president of Pilgrim Petroleum, said: “Each acquisition builds our reserve base and leads to an increase in assets and earnings. We will continue to acquire properties and bring wells online throughout 2010 in order to increase our hydrocarbon revenues.”
In addition, the capital acquisition through joint venture continues on Pilgrim Petroleum’s discovery well location in Archer county as well as rework package locations for leasehold interests in Archer, Wichita and Wilbarger counties, Texas.
Existing well bores in these rework areas provide opportunities to increase oil production through advanced enhanced oil recovery methods, the company said.
