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Alias Born | 01/23/2002 |
Wednesday, October 19, 2011 9:25:29 AM
On January 25, the Company entered into an agreement to acquire a 100% working interest
in Blugrass Energy Inc's Cave Pool Unit oil and gas properties. The working interest of
Blugrass Energy's properties covers approximately 2800 acres, located within Eddy County,
NM. Currently there are 32 wells, which could be re-worked and brought back potentially to
producing status. Additionally, there are over 100 possible new drilling locations based upon
20 acre spacing. Water disposal would be handled via the Cave Pool Unit's injection well
which decreases water hauling costs thus increasing the economics of the Cave Pool Unit.
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