Cross Border Resources, Inc. reported an update on the company’s oil and gas activity in the United States where the company is active in various projects in Texas.
Cross Border Resources is developing the Wolfberry formation in the Permian Basin and reported that four recent wells were each producing an average of 71 barrels of oil per day. These wells also produced an average of 145 barrels per day of water, for a water cut of approximately 33%.
These four Wolfberry wells were completed in August 2011, and were originally considered uneconomic due to excessive water production, which averaged 266 barrels per day, compared to only eight barrels of oil per day (3% water cut).
Cross Border Resources said that problems with the four wells were due to a communication between one of the wells and a nearby water zone. The operator of the wells used a bridge plug to determine and reduce the water production.
Cross Border Resources was formed in January 2011 through the merger of Doral Energy Corp. and the Pure Energy Group. The company has more than 300,000 net mineral acres under lease in Texas and New Mexico.
For more information on the company, go to www.xbres.com
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