West Texas’ Permian Basin is shattering records and expectations. And all signs point to continued growth. Oil production has surged from a low of 850,000 bpd in 2007 to 1.35 million bpd in 2013. And in May 2014 Permian Basin averaged a record 460 rigs — up 16% from the previous year to a level not seen since at least 1980. Permian Basin crude oil production has exceeded production from the Gulf of Mexico since March 2013, making it the largest crude oil producing region in the U.S.
The company commenced operations in 2013 on its 70,000 contiguous net acres in Scurry County, Texas targeting Wolfcamp D and Mississippian Lime and has recently acquired producing properties and undeveloped acreage in the Midland Basin in three private transactions.
The company intends to employ advanced drilling and completion technologies in these plays through modern vertical and horizontal drilling and multi-stage hydraulic fracturing.