Barron Petroleum makes oil and gas discovery in Permian Basin

US-based exploration and production (E&P) company Barron Petroleum has announced that it made a major discovery at a 13,000-acre field in Val Verde County, Texas.

The field is estimated to hold 417 billion cubic feet (bcf) of oil and gas reserves, which is equivalent to 74.2 million barrels.

Located about six miles southwest of the Massie (Strawn) field, the ‘Sahota Carson 20BU #1’ well encountered about 70ft of gas-bearing Strawn porosity.

The well has been tested at rates of up to five million cubic feet per day following stimulation.

According to the company, the 13,000-acre prospect was developed using a 3D seismic survey. Barron holds a 100% working interest (WI) in the prospect.

Barron Petroleum president and CEO Barron Petroleum said: “We are currently evaluating means to further enhance location selection and well performance. The company intends to continue our drilling programme, encouraged by the recent strengthening in natural gas prices.

“Our team is very ecstatic and the next step is to figure out how to develop the lease or get someone to join the venture with us. Our company has a significant cost advantage since we internally source many well construction services. We are proud of our low-cost operating structure.

“This discovery is also near existing infrastructure, which avoids the extreme Waha hub gas price variability.”

The Val Verde sub-basin is located south-east of Permian’s Midland sub-basin.