Today, Great Plains
Holdings announced a development involving its wholly owned subsidiary Ashland
Holdings LLC. Great Plains Holdings’ subsidiary recently completed a private
placement investment in TexStar -Preferred Partner Joint Venture III, LP
related to a 150-acre Texas lease in Guadalupe County, Texas. Exploration
geologist John Sobehrad has estimated the recoverable oil reserves at this
property to be 2.99 million barrels of oil, with the use of enhanced oil
recovery techniques.
According to the
private placement memorandum and subscription agreement, Ashland Holdings LLC
will receive income based on net revenue interest on the lease. The property is
called the Engleke Lease, Luling-Branyon Field and is located in central Texas.
Based on the April 11, 2014, oil spot price of $103.40, the potential value of
these extractable oil reserves is about $309,166,000. Approximately 14 wells
are currently producing on the lease. TexStar anticipates that with the
adoption of enhanced oil recovery techniques, output per well will be enhanced.
“I am proud of the
rapid expansion of Great Plains in the first quarter of 2014, and am honored to
be a part of the vision and see it all come together. Our small but dedicated
and forward-thinking staff is working around the clock to increase both company
and shareholder value,” said Great Plains Holdings President Denis Espinoza.
“Today’s announcement demonstrates our ability to establish and carry-out our
aggressive expansion strategy.”
For more information
about Great Plains Holdings and its diverse business model, please visit:
www.gtph.com
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