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
New Gulf Resources, LLC (www.newgulfresources.com) is based in Tulsa, Oklahoma and owns, manages and operates upstream energy projects, primarily in East Texas. NGR is highly experienced in the application of advanced technologies such as horizontal drilling and multi-stage fracture stimulation to maximize the value of U.S. oil reserves. NGR owns over 83,000 net mineral leasehold acres in the prolific Woodbine, Eagle Ford and Lower Cretaceous plays. NGR acquired a large position in East Texas in 2014 from Halcόn Resources Corporation, which added to an existing position and excellent track record in the basin.
SOURCE New Gulf Resources, LLC