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Permian Basin: A remarkable natural gas and oil discovery
Oil and gas exploration company Apache, based in Houston, Texas, announced on Wednesday, September 7, that it has made a remarkable discovery in West Texas’s Permian Basin – roughly 75 trillion cubic feet of natural gas and over 3 billion barrels of oil.
The new field is situated on the southern side of the Delaware Basin, basically in Reeves County, south of New Mexico. The field is called the “Alpine High” because it is near the Davis Mountains. In effect, it’s discovery and development have increased Apache’s estimated capital spending this year to about $2 billion.
The company has pieced around 307,000 acres at around $1,300 per acre and has drilled 19 wells in the Woodford and Barnett. Apache expects to deliver a combined $4 to $20 million per well, where $3 covers each cubic foot of natural gas and $50 covers each barrel of oil.
“… as we focused on organic growth opportunities. These efforts have resulted in the identification of an immense resource that we believe will deliver significant value for our shareholders for many years,” said John J. Christmann IV, Apache’s President and Chief Executive Officer.
If you own property that has deposits of minerals or oil, you may be interested in selling the rights to those minerals. Contact The Mineral Auction at (512) 698-2802 to learn more about the benefits.
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If you’ve been thinking of putting your mineral rights up for sale, or you’re interested in learning more about how much you could potentially get for your interests, then The Mineral Auction is ready to help you.
We’re located in Austin, TX, and because we have connections to thousands of oil and gas royalties and mineral rights buyers, we know that we can get you the best deal if you are looking to sell your mineral rights, whether you’re located in Texas or anywhere else in the U.S.
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