Topaz Resources Completes Consolidation of North Texas Shallow Oil Project
Wednesday, November 17, 2010 16:00ET
DENTON, TX -- (Marketwire) -- 11/17/10 -- Topaz Resources, Inc. (OTCBB: TOPZ) today announced that it has completed the final phase of a consolidation into Topaz of a North Texas shallow oil project by acquiring a lease for 543.69 acres with a history of proved producing oil wells, located in Wichita County.
An analysis of logs indicates that the lease and acreage contains at least 3 productive Cisco Sand horizons at depths of 500, 1,300 and 1,700 feet, with the majority of historical production coming from the shallower zone. Topaz also anticipates that further exploration will reveal considerable deeper zone potential.
Topaz initially will concentrate on completing work overs on the existing producing wells, and then commence drilling the estimated 12 potential off set well locations, all located in the Cisco Sand Formation. Topaz also will commence the engineering work and potentially seismic work to develop a program of drilling new wells, recompleting existing wellbores and deepening existing wellbores to test the productive potential of the other known productive horizons and to exploit the deeper formations.
Adding and developing oil properties in the north and west Texas regions is a key part of the Topaz strategy to develop a balanced portfolio of oil and gas properties and to take advantage of the continuing high price of oil.
About Topaz Resources
Topaz Resources is an independent oil and gas company focusing on production, acquisitions and developmental drilling opportunities within proven producing areas of north, central and west Texas. The Company's website can be found at www.topazresourcesinc.com.
Notice Regarding Forward-Looking Statements
11/17/2010 (16:00 ET) Topaz Resources Completes Consolidation of North Texas Shallow Oil Project - Market Wire
