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VENETO UPDATE

 

 

 

NEW:   Drilling Animation

Company Update 

April 2015

With the reduced world pricing of oil, VENETO is on the contant look-out for opportunities of buying existing production, with an eye on development. Many operators have a break-even point in the $80-$100 per bbls range and we feel lenders/investors will be willing to sell just to recoup what they can and reduce their losses.

 New drilling in our area of operation (North Texas) has come to a halt. With the continued high costs to re-complete existing well bores, very little activity is going on in the field. Service companies are ripe for take-over. This is a new area we are exploring.

 VENETO has begun re-working 2 of its Gibson Group Leases (The Williamson and the Gibson “C”) in Wichita County Texas.

 VENETO is developing a new drill site in the South East corner of Block 47 of its TCSL ll Lease located in Throckmorton County, TX. Based on strong geological information there is reason to believe the Veneto Strawn is present at approx 4000’.

 VENETO is in negotiations with an international oil field tool manufacturer to develop a re-completion process that is expected to bring stripper wells back up in production. This process, if successful, could revolutionize the operations of stripper wells. Work is to begin in April of this year.

 VENETO. The 280 acre RJ Miller Lease in Wichita County is the oldest producing lease in Texas, TX RRC District 09.Its #2A well was drilled in 1912 and it still makes ¼ bbl a day. The company has an ongoing work-over plan for this lease.

 VENETO is preparing to Work-Over the #2 well on the SLC Sect 121 Lease in Jones County. When it last produced, it doubled the daily production of the lease. In an alternative strategy, the lease is available for sale or Joint Venture..

 VENETO continues to work on its TCSL lease, in Throckmorton County. The Tannehill Sand blankets the lease at 700‘+/-. We expect production to gradually increase as we adjust the chemical treatment and work-over several wells during 2013.

 

Next Projects:

The 770 acre MC Knox lease located in Stephen’s County is a Barnett Shale Prospect. VENETO plans to slim-hole inside the existing 5 ½” cased wells presently producing from the Caddo (3500’) to the Barnett Shale at 4400’. The lease has an existing WDW system in place as well as a gas sales line.  

 

 

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Veneto Energy Group
2600 Ave K
Suite 203
Plano TX 75074

Tel.: 972-633-8886
Fax: 972-633-9993

Email:
dse@venetoenergy.com
 
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