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Central-East Texas Play
Listing ID: 573
Seller Info:
Michael Bolden
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Prolific Central-East Texas Play:
·Focused on oil wells
·Planning to develop horizontal oil and natural gas properties in Central-East Texas with focus in prolific Grimes County
·Targeting the Woodbine Formation
·Emulate PetroMax business strategy of developing and proving fields in Central-East Texas including horizontal Woodbine
·PetroMax developed fields in Woodbine formation which has produced for 50 years
·PetroMax drilled 15 horizontal Woodbine oil locations and sold field for $250 million
·Encore will drill off-set wells in same trend which has many wells producing nearly 1,000 barrels of oil per day
·Key operational plan is to use non-conventional horizontal drilling techniques in these conventional plays
·PetroMax used modern technology to improve collecting the oil in place on a low risk basis with the wells purportedly paying back in 3 to 4 months
·Encore is positioning itself as an attractive acquisition for a large company interested in buying proven assets and reserves
Key Play Numbers:
·Woodbine wells projected to produce 500,000 barrels equivalent per well and 7.5 million barrels equivalent total for all 15 wells
·Encore offering $2 million in preferred stock to private investors
·Seeking $30 million from operational or financial industry partners - for WI 75%/56.25% NRI to drill multiple horizontal locations
·$7 million estimated cost per well
·Estimated 12 to 18 months payback


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