Blugrass Energy Inc., doing business as Rio Grande Petroleum Inc., is focused on exploring for oil and natural gas, primarily in West Texas. The company’s Childress Prospect, in the Val Verde Basin of West Texas covering 4,807 acres, has significant probable resource potential. A lot of work and money has been invested over the years on the lease, which have exceeded $4 million.
Based on Rio Grande’s geoscientist advisor’s data sets review and evaluation, there are 77 drilling targets on three pay zones over the Childress lease. The company is developing a drilling portfolio in West Texas and acquired an option to farm-in 9,850 acres located in close proximity to the newly acquired lease.
The Val Verde basin is a northwest-southeast trending foreland basin contained within the southern portion of the Permian Basin. The Val Verde basin has several large fields such as the Gomez and Brown Bassett, which have a combined cumulative production of 12 TCF of natural gas. The Val Verde Basin has been a top US oil and gas producing region for decades and still contains vast untapped oil reserves.
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