Consolidated Oil & Gas, Inc. engages in the exploration for and production of oil and gas for oil and gas gatherers, and public utility companies. It owns interests in oil and gas leases in Texas. The company involves in acquiring undeveloped drilling rights, or purchasing wells that either previously were plugged and abandoned, shut-in, or whose production had declined to or below a break-even point. It sells these secured working interests in the wells to individual investors or other oil and gas enterprises. It owns 3 of its own mobile work over drilling rigs. In addition, the company owns and operates a seven mile pipeline in Medina County to deliver gas "to market" lines.
The company was incorporated in 1999 and is based in Humble, Texas. As of November 10, 2007, the Company had 32,944,858 shares of its $.001 par value common stock issued and outstanding. The company has indicated it will increase the authorized shares up to 500 million to accomplish certain contractual contingencies of significance.
In 2007, the company acquired a large lease in Medina County Texas with 14 well heads and considerable heavy oil reserves. The company owns three drill rigs like the one photographed below re-working the Medina County property.
HOUSTON -- "Consolidated Oil & Gas, Inc. (OTC BB:CSLGE), a publicly traded Energy and Exploration Oil & Natural Gas company, is pleased to announce they have entered into a contract to purchase existing oil production in the Taylor-Ina Field in Medina County, Texas
. Existing production ranges from 240 to 270 barrels per month from approximately 14 well bores.
Consolidated plans to use secondary recovery technology (nitrogen, steam or some other method of enhanced oil recovery) which if effective could increase production to 1,000 plus barrels per month
This lease is approximately 110 acres with estimated recoverable reserves at approximately 210,000 barrels from the present producing zone. Furthermore, the Olmos zone at 950 feet has the potential for additional reserves once studies are complete."
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