Doral Energy Corp. is an emerging oil and gas exploitation company. Trading on the OTCBB, their strategy is to grow a portfolio of under-developed production and exploitation assets with the potential for infill drilling. Headquartered in Midland, Texas, the Company focuses on identifying acquisitions that generate immediate cash flow from production, but also have proved developed non-producing and proved undeveloped reserves that they can develop for significant growth.
The Permian Basin of Texas and New Mexico is where Doral Energy Corp. sees potential for future acquisitions. Their first producing assets are in Eddy County, New Mexico in the northwestern part of the Permian Basin. Their project here is on their 7,800 acre Eddy County Properties. They are now producing 135 barrels of oil equivalent (BOE) per day and have 6.1 million BOE in proved reserves in this area.
Doral has a 97.5 percent average working interest and a 76.0 percent average net revenue interest in 66 leases comprising the Eddy County Properties. The Company acquired their Eddy County Properties in July 2008. Doral Energy Corp. is the sole operator of the Eddy County Properties.
The Company plans to capitalize on the many opportunities identified by their engineers for operational improvements to existing wells. Doral has identified over 160 potential infill locations classified as containing proved undeveloped reserves on the Eddy County Properties. Doral’s rights generally extend from the surface to 3,500 feet in depth. This means the infill-drilling program will require shallow drilling only. This benefits the Company as they can do this with lower costs and fewer operational risks than deeper wells.
Yesterday, Doral Energy Corp. announced that they promoted Clifton M. (Marty) Bloodworth to the position of Vice President of Operations. Mr. Bloodworth was previously Operations Manager of their Eddy County, New Mexico Properties. Mr. Bloodworth will be responsible for overseeing the day-to-day operations and management of all Doral field personnel in New Mexico and Texas.
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