Spicewood, TX, November 24, 2011 --(PR.com
)-- Texas Energy Group, LLC (TEG) is pleased to announce a Wilcox discovery in Liberty County, Texas. The Pelican #1 well was drilled and completed in the second quarter of 2011 and was a part of TEG’s PNM Project.
The Pelican #1 well was drilled to approximately 9,200’ to test a 200 acre Wilcox age closure. Logging and testing proved up a discovery in the Sherwood formation in excess of a 1,000 acre productive area. Third party geology reports estimate potential reserves of the structure upwards of 12BCF and 250,000 BO.
“We are extremely excited to announce our continued success in Liberty County. This well is yet another, in a list of successful wells from Liberty County, that will add impressive value to our Partners’ interest,” stated Waylan Johnson, President of Texas Energy Group, LLC. He further stated, “When you can drill a well less than 10,000’ in depth and can identify approximately $50 million worth of product (at current commodity prices), it helps build reserves quickly.”
For further information regarding topics discussed in this article please contact Texas Energy Group, LLC directly via their Investor Relations Department; (877) 893-6749 or visit them on the web at www.TexasEnergyGroup.com.
Emails may be directed to Info@TexasEnergyGroup.com
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