Borden County, Texas: Permian Basin Update - Archer Petroleum

By Andrea: http://oilshalegas.com

Archer Petroleum (ARK) released an update today on their Greater Joe Mill Project of the Permian Basin, in Borden County, TX.

Archer Petroleum has been advised by the Operator, Westerly Exploration, and provides the following update on the Greater Joe Mill Project, situated in West Texas.

Westerly, as the operator, advises that the Hull #1 well located on the Greater Joe Mill Project in Borden County, West Texas has produced as high as 86 bopd (Barrels Oil Per Day) and has averaged over 61 bopd over 30 consecutive production days, and the Operator expects the Hull #1 to continue to improve in both oil and natural gas rates as is typical of these formations.

Based on the success of this initial well the Operator has advised that the second well on the Greater Joe Mill Project is expected to spud within the next 30-60 days.

CEO Victor Barcot states, "We are very pleased that our initial well in the Permian Basin has been proven a successful producer, and that Archer has reached the significant milestone of achieving cashflow and production through our core assets."

The Greater Joe Mill Project comprises 4,700 gross mineral acres and has proven reserves of approximately 60 MMBOE per well and includes 29 proven well locations. The project is a low risk, long reserve-life drilling venture designed to provide a stable cash flow base for the development of the Company.

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Permian Basin Oil Field, Texas

By Andrea http://oilshalegas.com/

The Permian Basin is a sedimentary basin located in the western part of Texas and in the southeastern part of New Mexico. It reaches from just south of Lubbock, Texas, to just south of Midland and Odessa, extending westward into the southeastern part of New Mexico. The Permian Basin region includes the following counties:

- Andrews County, Andrews, TX

- Borden County, Gail, TX

- Crane County, Crane, TX

- Dawson County, Lamesa, TX

- Ector County, Odessa, TX

- Gaines County, Seminole, TX

- Glasscock County, Garden City, TX

- Howard County, Big Spring, TX

- Loving County, Mentone, TX

- Martin County, Stanton, TX

- Midland County, Midland, TX

- Pecos County, Fort Stockton, TX

- Reeves County, Pecos, TX

- Terrell County, Sanderson, TX

- Upton County, Rankin, TX

- Ward County, Monahans, TX

- Wrinkler County, Kermit, TX

The Permian Basin is a large oil and natural gas producing area which is part of the Mid-Continent Oil Producing Area. Up to the beginning of 1993, total production for that region was over 14.9 billion barrels. The towns of Midland and Odessa serve as the headquarters for oil production activities in the basin.

Currently, Pioneer Natural Resources Co. (PXD) is the largest operator in the Permian Basin with approximately 20,000 locations and roughly 900,000 acres under lease in the Permian Basin. Pioneer Natural Resources Co. (PXD) also predicts that they will eventually be one of the largest operators in South Texas with their Eagle Ford Fleet.

Permian Basin News, 2010:

- Occidental Exec:Negotiated $1.5B Acquisitions Mainly In Permian Basin
- Concho Resources Inc. to Acquire Oil & Gas Assets in the Permian Basin for $1.65 Billion
- Apache to Acquire BP Assets in Permian Basin, Canada and Egypt For $7 Billion

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