Cross Border Resources Updates Wolfberry Oil Operations

Cross Border Resources, Inc. (OTCQX: XBOR),  a San Antonio-based oil and gas exploration and production company, today provided an operations update on its two Wolfberry projects in the Permian Basin of West Texas.

(Logo:  http://photos.prnewswire.com/prnh/20110523/AQ07208LOGO)

The Company and its partners have been successful in limiting water production, with complementary oil production increases, from the first four Wolfberry wells. Initial well results disseminated by the Company indicated low production rates due to excessive water volumes. In early August, prior to remedial changes, the wells averaged 8 barrels of oil per day (bopd) and 266 barrels of water per day (bwpd) overall, or an oil cut of 2.9%. The wells now average 71 bopd and 145 bwpd, with oil cut improving to 32.9%.  

Early reports indicated the wells' operator felt there was communication between a water zone and one of the targeted formations that was fractured stimulated, thus contributing to the low oil volumes.  Cross Border management and its partners determined it would be necessary to set a temporary bridge plug in each of the wells, at various depths, to determine what specific zone was contributing the excess water.  

Source: The Sacramento Bee 


For Oil News or Project Investment 

Encore Energy buys $14.8M in Permian Basin oil and gas assets

Encore Energy Partners LP    said Tuesday it has closed on a $14.8 million purchase in the Permian Basin for oil and natural gas assets from a private seller.

The acquisition has estimated total net proved reserves of 1.03 million barrels of oil equivalent; about 87 percent are oil and natural gas liquids reserves. Current production is approximately 115 barrels of oil equivalent per day.

Houston-based Encore (NYSE: ENP) also has entered into a definitive agreement to pay $28.5 million for certain non-operated working interests in producing oil and natural gas assets in Sweetwater County, Wyo. The seller is undisclosed.

These assets have an estimated total of proved reserves of 4.175 million barrels of oil equivalent; approximately 65 percent are natural gas reserves, and 35 percent are oil and natural gas liquids reserves. The assets are 90 percent proved developed; the net production is about 880 barrels of oil equivalent per day.

Closing on this deal is expected in September.

Source: Houston Business Journal 

For Energy News or Oil and Gas Investments

American Standard Annouces 2nd Spud for Phase 1 Permian Basin Drilling Program

SCOTTSDALE, Ariz., July 25th, 2011 -- /PRNewswire/ -- American Standard Energy Corp. (the "Company") (OTCBB:ASEN), announces 2nd spud for 10 net well drilling program in Andrews County, Texas.

The JW #5 rig is on location, rigging up and is expected to spud within 24 hours on the University 8 #1 location in Andrews County, Texas.

The Company intends to drill the University Andrews 8 #1 well to the Strawn and completed in the Strawn, Wolfcamp, Spraberry and Lower Clearfork formations.  The Company will own 100% working interests in all 10 wells.

About American Standard Energy:

American Standard Energy Corp. is a non-operated exploration and production company based in Scottsdale, AZ. ASEN's primary focus is balanced between the Permian Basin, the Bakken and Eagle Ford oil shale resource prospects in the continental United States. ASEN currently controls approximately 38,500 net acres in the following three primary prospect areas:

• 30,800 core net acres targeting the Bakken/Three Forks in North Dakota;
• 6,500 net acres targeting the Permian formation in West Texas;
• 1,200 net acres targeting a specific Eagle Ford prospect in South Texas;

Source: The Sacramento Bee 
For Oil Investments or Permian Projects