Dallas-based exploration and production company Aresco has expanded its Gulf Coast portfolio with the acquisition of a substantial working interest position in the Tuscaloosa Marine Shale (TMS) trend underlying Louisiana and Mississippi.
“With the current oil and gas price downturn, we have been able to step up as an alternate funding source to help support continued development,” Brandon Laxton, President of Aresco LP and Aresco Operating Company, said in a statement. “This has allowed us the opportunity to offer premium drilling positions and attractive return potential to our team of private capital partners.”
The combined acreage covers a total of 11 prospect areas containing up to 47 drilling locations across approximately 20,000 acres in the core of the TMS trend. The company said it expects to have four wells set to be drilled, completed and on production by the middle of 2Q16. In addition, the four prospective wells are positioned on-trend and are surrounded by 10 Lower Tuscaloosa productive fields.
Aresco said that the cumulative recovery for those fields has totaled 114 BCFG and 18.3 million BO since their earliest discovery in 1981.