TULSA, Okla., Aug. 5, 2015 /PRNewswire/ — New Gulf Resources, LLC (the “Company” or “NGR”) announced today the most recent well results from its Vertical Lower Cretaceous (“Buda-Rose”) project located in Madison County, Texas.
NGR has recently completed the NGR Gaylor 12 well. NGR owns and operates more than 53,000 net acres and over 1,000 drilling locations prospective for Buda-Rose in Madison, Grimes and Walker Counties. The Company is drilling vertical wells that commingle production from up to five zones in any given wellbore. The Company’s NGR Gaylor 12 well resulted in initial production in excess of 458 barrels of oil and 1.2 million cubic feet of rich (over 1400 btu) natural gas from the commingled lower cretaceous Buda, Georgetown, Edwards and Glen Rose formations. The Company continues to delineate its Buda-Rose play and has benefited from a lower service cost environment. “We are continuing to see improvement in our drilling and completion methods and are taking advantage of service costs that continue to move lower,” said Ralph Hill, Chairman and CEO.
NGR has been operating one rig continuously in the Buda-Rose play and has the ability to ramp up drilling as the pricing environment improves. The Company is also evaluating the horizontal potential in the play.
NGR is in the final stages of drilling the first of over 400 potential horizontal locations in its Eagle Ford play in western Grimes County.
About New Gulf Resources, LLC
SOURCE New Gulf Resources, LLC