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How To Buy An Oil Well In Texas

Together with our partners for more than 10 years, we have decided to offer 20 units for sale in this package consisting of 4 active oil wells, which together have a daily production of 45-50 barrels/oil.The wells have a good history of stable production and there are still good amounts of reserves...

how to buy an oil well in texas

We have a very unique opportunity for an investment into a proven well and 2 new drilling opportunities. Unfortunately one of our long time investors passed away and his family would like to sell his working interest ownership into several wells. We have up to a 50% working interest to offer. The well...

If you have been looking to invest in the oil and gas sector without the drilling risk or solely relying on the production of an oil well for your returns then we have the the perfect project for you!Vista is offering 2% Ownership at a Turnkey price of $24,000 in the Richland Joint Venture.The...

This 1,300 acre asset has 19 existing well bores. We have reworked 8 of the 19 and have brought production up to 32 barrels a day. We believe that with this capital raised and the revitalization of the remaining 19 well bores, we can get total production to 100+ barrels per day. We have a reserve report...

Local operator with almost all production in Winkler County. Only has about 30% of wells active, 60% in curtailment with valid leases and production equipment, remaining 10% have been deemed "liability" or re-workable. Proven reserves, huge upside on curtailment alone. Currently making around 40 bpd...

This is 40 acres at 80% NRI. The well has been reentered, squeezed, is on gas lift. All tank battery, meter run, injection pump and piping has been ran to the disposal/injection well. Just waiting on injection well to be recompleted. The well was tested and IP at 50bopd and 945 bwpd with water...

10 leases, 790 acres with 26 shallow vertical wells from 600' to 2,700' deep. 100% operated working interest available for purchase. These leases/wells have been repaired and reworked as needed and all the wells are running. Daily production is 6 to 8 BOPD, plus 30 to 40 MCFD gas. These leases have...

This is a 2 well commitment great upside 60,000 a unit selling off 50% W.I. 7,000,000, (140,000) per 1% W.I. the Exxon study proved more than 24,000,000 barrels in the Immediate zone I will be attaching all info on it to this page read it the facts are there no bull I believe it's a great opportunity...

I gas well, 640 acres lease, 70-80 MCFPD Production For saleThis lease is located in Moffat Co. Co. Cottonwood Gulch State A-1 lease, 640 acres, 100% WI, 86% NRI, 7-80 MCFPD Production, Low operating expenses, be an approved Operator with COOGC. Send for details.

Loving County, Texas: My, client (Seller) inundated with too many projects, has to let this one go. 22 Wells across 8 leases. 19 producers & 3 Injectors. Currently producing 3 bopd. Only one well currently producing, 3 bopd. 9 of the shut-in wells can be easily restored with things like Electric box...

I have 2 leases with 1 well on each lease for sale. 4 barrels A-day between the 2. With an acid job on each well, production should increase to 4 barrels more per well. Taylor County and Coleman County. Asking $85k obo within reason. Will operate for the buyer for a monthly fee if needed.

At Boehmer Lake, brackish San Andres aquifer water is shooting through a corroded wellhead, mixing with salt and other minerals on the way out. Even worse, Van Deventer says, the area is sinking as water eats away at underground salts. He fears a collapse like the "Wink Sinks," famously large sinkholes not far away in Winkler County.

Often by truck, once in a while by plane, and sometimes just using Google maps, they scour Pecos County for drilling leftovers that could pollute water. They try to gather as much information as they can about each well. Who drilled it? Who last operated it? Who is responsible for shelling out thousands of dollars to plug it?

Giga places a shipping container full of thousands of bitcoin miners on an oil well, then diverts the natural gas into generators, which convert the gas into electricity that is then used to power the miners. The process reduces CO2-equivalent emissions by about 63% compared to continued flaring, according to research from Denver-based Crusoe Energy Systems.

More often than not, if a gas well isn't already stationed near a pipeline, it won't be big enough to warrant the time and expense of building an entirely new line. And if a driller can't immediately find a way to sell the stash of natural gas, most dispose of it on site.

The summer before his junior year in college, Whitehead was mowing his parents' lawn in the southeast Texas town of Buna (population circa 2,000 people) when he got a text from Lohstroh, then a classmate and friend. In it, Lohstroh suggested they buy a mobile bitcoin mining container from Upstream Data and hitch it to a gas well themselves.

"We were able to come in and say, 'Hey, you're flaring, and you shouldn't be. You're doing stuff that's illegal, and you have opportunity here, because you have a shut-in well. We can take all this gas,'" recounted Whitehead.

Santa Rita No. 1, located in Section 2, Block 2, University of Texas lands in Reagan County, came in on May 28, 1923. Several shady promotions of "salted" wells were perpetrated in West Texas in the 1920s. But the Santa Rita well, which flowed intermittently until the end of June, proved that oil existed in the region. The Santa Rita resulted from the efforts of several men over a period of four years. The land promotion was initiated in January 1919 by Rupert P. Ricker, a University of Texas graduate, Reagan County lawyer, and World War I veteran who took advantage of a 1917 law that allowed the leasing of state land for oil exploration. He and four associates made preliminary applications on 431,360 acres owned by the University of Texas in Reagan, Upton, Irion, and Crockett counties. A filing fee of $43,136 was due the General Land Office in thirty days. Ricker intended to promote the land deal in Fort Worth and sell enough leases to pay the filing fee. When he found no interest in his land deal as the thirty-day deadline neared, he sold his ideas, maps, and preliminary leases for $2,500 to an old army friend from El Paso, Frank T. Pickrell.

Pickrell and his partner, Haymon Krupp, a prosperous El Paso merchant, had no better luck promoting the acreage than had Ricker. Not wanting to lose their investment but still hoping to promote the leases, Pickrell and Krupp decided to develop the acreage themselves. Krupp borrowed the money to cover the filing fee. He and his New York friends incorporated as Texon Oil and Land Company (see TEXON, TEXAS) to raise capital, but the company stock sold too slowly to fund drilling on the acreage. Pickrell then persuaded the board of directors to approve a sales promotion for certificates of interest in a sixteen-section block of leases called Group No. 1. Investors paid $200 each for a .0004882 interest in the group. Texon Oil raised over $100,000 from the promotion and used some of the capital to make rental payments and to buy used drilling equipment. The first oil test on Group No. 1 acreage was called Santa Rita No. 1, named for the saint of the impossible. The well was spudded on January 8, 1921, just before the thirty-day deadline.

Pickrell, who had no experience in oil, considered himself lucky to have hired an experienced driller, Carl Cromwell, for fifteen dollars a day and stock in the company. Cromwell moved his family to the lonely drilling site beside the tracks of the Orient Railroad. For 646 days the cable-tool rig pounded, and the two-man crew bailed the hole. They averaged only 4.7 feet a day. Late on May 27, 1923, the bit drilled into the dolomitic sands, called "Big Lime," just above the 3,050-foot level. Cromwell shut down the well when he saw gas bubbles escaping from the casinghead. The driller and his tool dresser, Dee Locklin, were convinced they had an oil well and left the site to lease surrounding mineral acreage while the discovery was yet unknown.

Early on May 28, with no further drilling, the Santa Rita roared to life, sprayed oil over the top of the derrick, and covered a 250-yard area around the site. The well attracted the attention of area residents and scouts from major oil companies, and Pickrell eventually enlisted the aid of independent oilman Mike Benedum to test the extent of his field. Benedum's efforts proved that the area was indeed rich in oil and that Santa Rita No. 1 was just a small beginning for the men who promoted it, for the University of Texas, and for other oil-rich areas of the Permian Basin.

Goldman Sachs said in a research note Thursday the recent energy sector pullback should be viewed as a reason to buy since that strategy has worked well since late 2020. Thinking along those lines, we did add to one of our three oil exploration and production (E&P) stocks twice this month. However, we're currently debating whether we need that much exposure to an industry so tied to the economy.

Jim Barrett stands next to a well pad on his farm in Bradford County, Pa. He accuses Chesapeake Energy of cheating him out of royalty money. Marie Cusick/StateImpact Pennsylvania hide caption

Clark says it felt like he had "won the lottery," and he is grateful every day for the two gas wells drilled on his dairy farm. He estimates he receives about $10,000 per month in the form of gas royalties.

He says Chesapeake Energy, which operates four wells on his farm, is stealing from him, and he has joined a class-action lawsuit against the company. Chesapeake, which declined to comment for this story, is defending itself against lawsuits in at least seven states for allegedly underpaying royalties.

Many energy-producing states took a hit during the downturn, as companies went bankrupt, workers were laid off, and tax revenue collected from oil and gas dropped. In most of them, like North Dakota, where Preszler lives, wells produce both oil and gas. When prices plummeted, oil suddenly wasn't worth what it used to be, he says, but the gas still needed to be transported and treated, and that cost stayed constant. 041b061a72