West Texas Resources (WTR) has signed a Joint Venture Agreement with Miller Oil Properties, Inc. and D-Mil Production, Inc. WTR will acquire certain non-operated working interests in properties currently owned by non-operating partners to the Miller Oil Properties and D-Mil Production, Inc. These are located in Oklahoma and Texas.
The properties include 19 wells, 10 of which are currently waiting on re-completions and/or work overs. As part of the agreement, WTR will fund the development of Proved Behind Pipe Reserves and Proved Shut-in Reserves on these 10 wells.
The total estimated capital required to carry out the development plan is $423,500. Purchase and Sale Agreements (PSA) for the non-operated working interests have previously been negotiated by the Miller Companies and are in hand. WTR will pay $250,000 to acquire the non-operated working interests under PSA.
For more information, visit: westtexasresources.com
9th July 2018