Start Scientific is a
development-stage oil and gas development, exploration, drilling and extraction
company strategizing to take advantage of oil and gas exploration and
development opportunities that are often overlooked by larger oil and gas
companies.
The company is currently
establishing leases and joint venture partnerships for its project portfolio
comprised of shallow, deep, and horizontal drilling opportunities in
Mississippi, Texas, North Dakota and West Virginia. The geographic diversity of
the projects provide Start Scientific a broader scape of exploration and drilling
opportunities.
Start Scientific’s initiatives
are backed by a management team that contributes more than half a century of
combined industry experience to the company’s mission to explore low-risk land
lease opportunities on properties with known oil deposits, develop facilities
on these properties to cost effectively extract the oil, and to distribute the
refined oil for sale in the open market.
In January Start Scientific
advanced on this mission by signing two farmout agreements in Jackson,
Mississippi.
Per the first agreement, with BPS
Operating Services LLC, Start Scientific has until April 1, 2015, to tender
$500,000 for the first well to be drilled in the Flora Field of Madison County.
The production interest includes 40 acres around the new well and Start Scientific
will earn a 75% working interest before payout, and a 60% working interest
after payout. All of the production facilities, salt water disposal systems,
and 33 well bores are in place.
The second farmout agreement,
signed with Durban Energy, Inc., gives Start Scientific until July 10, 2015, to
commence drilling a new well on the farmout acreage, the Fayette Field. The
company will receive 100% of the net revenue until payout of all costs, at
which time Start Scientific will assign a 25% working interest to Durban and
partners. There is a 30% royalty burden on the leases, which means that before
payout Start Scientific will have 70% of net revenue and after payout the
company will have 52.5% of net revenue and Durban will have 17.5% of net
revenue.
Operating from its headquarters
in San Antonio, Texas, Start Scientific leverages an experienced management
team and growing project portfolio to advance its corporate initiatives.
For more information, visit
www.startscientificoil.com
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