FlowTex Energy Acquires the Arriola Saltdome Oil Field in Texas
Privately-held Flowtex Energy LLC has entered into an agreement with an undisclosed seller to acquire the Arriola Saltdome oil field located in Hardin County, Texas, for an undisclosed consideration.
The Arriola Saltdome oil field is situated on the flat coastal plains of south-east Texas, approximately 48 km north of the Gulf of Mexico. The field contains 193 wells and has produced approximately 5.5 million barrels of oil (MMbbls) over more than 80 years. The work program on the field includes a re-completion operation on eight wells whose production levels have dropped to minimal levels.
“When we analyzed the Arriola Saltdome oil field opportunity, we saw one thing very clearly: there were many opportunities to use existing, fully-functional infrastructure to create new streams of revenue by shifting production from zones that had been pumped nearly dry to zones further up-hole that contain vast reservoirs of petroleum. By focusing initially on recompletions rather than new drills, we’ll speed up monetization of ASOF along with bringing costs much lower for our investors and clients,” said Beau Flowers, President of Flowtex Energy.
Austin-based Flowtex Energy is focused on the acquisition and development of oil and natural gas assets in south-east Texas and central Oklahoma.