PRLog - May 13, 2014 - SPICEWOOD, Texas -- Texas Energy Group, LLC (TEG) is pleased to announce that it has solidified its next drilling prospect, the North Cleveland #1 well in Liberty County, Texas. TEG plans to drill this well, which is located in the Cleveland Field proper, within the next quarter.
The Cleveland Field is an 80+ year old mature field where TEG has drilled three prior successful wells, all of which have produced from the Blanding formation. These three wells have produced 160,000 BO and 242 MMCFG to date, with two of them continuing to produce oil and associated gas.
“The North Cleveland prospect was actually part of a drilling map from the 1950’s whereby two locations were planned to be drilled on the exact tract we will drill on,” stated Waylan Johnson, President of TEG. He further stated, “The title and land issue was so bad though that the wells were scratched off of the map and never drilled. I am now pleased to announce that, after nearly two years of efforts, our team has assembled the necessary acreage with a drill site title opinion and we will soon drill roughly 6,000’ in pursuit of 300-400,000 BO.”
TEG continues to build on their model of drilling shallow, conventional oil wells in known, mature fields. TEG and its affiliate, Spicewood Energy Management, LLC (SEM), have current drilling and leasing activity going on throughout several Texas counties and are expected to drill and participate in numerous wells throughout Texas and Louisiana in 2014. The Principals more recently announced their involvement in a South Louisiana prospect with PetroQuest Energy, Inc.
For further information regarding topics discussed in this article please contact Texas Energy Group, LLC directly via their Investor Relations Department; (877) 893-6749 or visit them on the web at www.TexasEnergyGroup.com where you can sign up for the TEG (corporate) mailing list and receive up to date information on general TEG activities, including all TEG press releases. Emails may be directed to Info@TexasEnergyGroup.com
More information about TEG’s new affiliate private equity management company, Spicewood Energy Management, LLC., can be found at www.SpicewoodEnergy.com
Texas Energy Group, LLC (TEG) is an Austin, Texas based oil and gas exploration and development company specializing in bringing industry prospects to the private investor. With company principals having over 24 years of involvement in the oil and gas industry, TEG has been involved in numerous ventures and partnerships, including ownership of two operating companies that have operated numerous projects from North Dakota to Texas.
TEG has been fortunate to assemble a highly qualified network of geologists, engineers, geo scientists, and operators who have ultimately played a huge role in the company's success. With thanks to their highly educated and experienced team, TEG has created a proven track record of success.
The company has pursued a policy of drilling lower-risk oil and gas prospects, usually located in areas of proven production. Through TEG's unique multi-well projects, they are able to minimize their investors' risk by extending the investment across multiple wells, increasing the investors' probability for success. TEG also adheres to a stringent project selection process in an effort to further mitigate investment risks. Under their stringent project selection process, TEG requires all of their prospective projects to past rigorous geological analyses performed by their experienced team of geologists and geo scientists.
More recently, TEG has taken this same lower-risk business model and adapted it to fit within the managed fund structure that its newly formed affiliate company, Spicewood Energy Management, LLC, now offers. Through registered Limited Partnerships, SEM is able to offer its qualified participants the same multi-well diversification and IDC tax benefits, while providing a structure which allows the investors truly preferential cash flow and capital preservation.
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Texas Energy Group, LLC
Texas Energy Group, LLC