Business Overview:
TURNKEY OPERATION! ABSENTEE OWNER. Drilling Program for a 70 acre site. Net 70% Working Interest. Current Independent Contractor with 30 years of experience to operate and add up to 14 new well drills 5 acre spacing Texas Style to a depth of 2000 ft. First drilled in 1984 and has been shut-in since. Each new drill cost is $145,000 per well fully equipped to operate. Half Billion Barrel Reserve. HUGE 85% IDC tax credit on new drills first year from IRS and a Depletion Allowance.
For more information regarding this listing please contact us by completing the "Contact the Seller" form to the left. We look forward to hearing from you.
Market Competition and Expansion:
Recent geological study indicates vast recoverable reserves. Much potential!
Reason for Selling:
Need capital development
Additional Details:
- The property is leased.
- The owner is willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is not a franchise resale opportunity.