|By PR Newswire||
|April 2, 2014 10:12 AM EDT||
DALLAS, April 2, 2014 /PRNewswire/ -- Crude Energy, LLC, an independent exploration and production company based in Dallas, Texas, today announced it has acquired a 50% Working Interest in 3,680 acres located in Sterling County, Texas in the heart of the Permian Basin.
The acreage is located in northwestern Sterling County in an area with multiple pay zones. Wells drilled on or adjacent to this block have produced from the Lower Wolfcamp Lime, the Canyon Sand, the Mississippian Chert and Lime, the Fusselman Lime, the Montoya Lime, and the Ellenburger Dolomite. Using improved exploration and exploitation methods, this position offers Crude Energy the opportunity to develop significant oil and gas reserves with low to moderate risk.
Parker Hallam, President of Crude Energy, said, "We have been looking for Permian acreage in the Wolfcamp trend that is managed by a top-quality operator and we finally found it with this deal." Hallam added, "This Permian Basin and specifically this Wolfcamp play is one of the most prolific oil and gas producing areas on the planet and Crude is now centered in the heart of the play which could contain in excess of 50 billion barrels of oil."
For more information on this and other activities of the Company, see the Crude Energy website at http://www.crude.com.
Crude Energy has current oil and gas exploration projects all over the United States.
About Crude Energy, LLC
Crude Energy was founded in 2008 to apply state-of-the-art petroleum and natural gas exploration and extraction technology to the development of onshore oil and natural gas projects. Our focus areas include Texas, Oklahoma and North Dakota. Crude Energy offers oil and gas investment opportunities through direct participation programs and oil and gas investment joint ventures which enable investors to participate in the potential cash flow and unique tax benefits associated with oil and gas investments. Especially important in a downturned economy, oil and gas investments allow savvy investors to diversify and reinforce their investment portfolios with a stable commodity that is in steady demand.
SOURCE Crude Energy, LLC