Joseph Sassoon Group secures large interest in a 23,958-acre oil field in the Texas Panhandle

Joseph Sassoon Group (JSG), a New York based investment management company, has entered a farmout agreement securing the oil and gas interests across a massive 23,958 acres of proven drilling reserves.
By: Joseph Sassoon Group LLC
PANHANDLE, Texas - Jan. 26, 2023 - PRLog -- The Mesa Vista Ranch (MVR), previously operated by BP Operating and Polaris Operating, once had 60 producing wells. MVR is within the Granite Wash, a tight sand play 160 miles long and 30 miles wide located in the Texas Panhandle and Western Oklahoma. JSG intends to resume continuous drilling of the MVR acreage until the prospective acreage is fully developed. Drilling of the first horizontal completion is scheduled in Q1 2023.
Daniel Corey, JSG's CEO, said, "We are very excited to develop this proven prospect. Mr. Pickens' ranch is a special place, representing almost 50 years of assemblage, infrastructure, proof of concept and devotion. As a family owned and operated firm ourselves, Joseph Sassoon Group recognizes the impressive historical production levels on this asset, and it is our objective to reinvigorate this legacy." The development is expected to generate a 78% royalty interest, which means these mineral rights are rich with payout to the drilling partners, compared to other tracts with higher royalty obligation due to land ownership. Conservative estimate project $2.3 Billion of resource are available for extraction within the first 1.5 years, based on today's $80/bbl (barrels of crude oil per day) crude pricing. Diverse well locations and advanced geology on the acreage provides confidence in the extraction.

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Amnon Pery
Head of Public Relation
Source:Joseph Sassoon Group LLC
Tags:Texas Oil/Gas Drilling
Location:Panhandle - Texas - United States
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