Strata-X Energy acquires huge acreage in Maverick Oil Project, Texas

US-based oil and gas company Strata-X Energy has acquired 100% of the exploration rights for leases covering a total of 8,846 net acres in the Maverick Oil Project in the Eagle Ford Fairway, Maverick County, Texas, US.

The company will also buy an additional 1,135 net acres of Eagle Ford exploration leases to increase its total land holding in the Marverick oil project to 10,945 net acres.

In September 2012, Strata bought rights to this project, which comprises about 9,711 net acres of land, including a 15% working interest in a producing 660 acre unit.

The project is located within the Maverick Basin targeting the abundant Eagle Ford Shale formation.

The previous operator drilled a horizontal well into the Eagle Ford shale formation, producing over 200 barrels of oil equivalent per day of 40° API oil.

Exploration plan for this project comprises near-term drilling of a vertical control well to collect important data from an extensive coring programme.

In addition, the company will collect data from other petrophysical properties of the targeted Eagle Ford and Buda Formations to improve its engineering plan.

Strata-X believes that latest advanced techniques will enable the company to tap the potential of its leasehold.

According to the company, one example of improved completion techniques is the Sanchez Energy, Mark & Sandra #2H well in Zavala County, Texas.

The well had a 24-hour initial production rate of 931 barrels of oil equivalent per day, of which 96% was oil from a 5,476ft, 19 multi-stage stimulated horizontal well, located 26 miles from Strata lands.