THE WOODLANDS, Texas--(BUSINESS WIRE)--Amelia Resources LLC today announces an extension of the bid deadline on the sale of 47,300 net acres in the Tuscaloosa Marine Shale play.
Amelia Resources announced today that it has extended the deadline to April 3, 2013 for bids on 47,300 net acres in the Tuscaloosa Marine Shale (“TMS”) play. The data room opened in early February.
Amelia's President, Kirk Barrell, said: "This acreage package has generated significant interest and several parties have requested an extension of the bid deadline to enable them to properly evaluate the asset. Goodrich Petroleum’s recent announcement of their Crosby 12H-1 test of 1300 boepd has generated a lot of excitement across the play.”
With twenty-three years of experience across the Tuscaloosa Trend, Amelia Resources, LLC has evaluated over 800 wells in the Tuscaloosa Marine Shale across Louisiana and Mississippi.
Barrell stated, "With the increasing amount of production and decline data available, several third parties have recently increased their valuations on the play. Market analysts and TMS operators have published estimated ultimate recoveries ranging from 400-800 MBOE with 93% black oil that receives Louisiana Light Sweet Crude pricing. Encana will have four new completions that will be announced in the coming weeks, and we expect these wells to surpass all initial tests rates to date."
Amelia Resources LLC is a privately-held exploration and production company. The company generates drilling prospects and is actively engaged in several projects across the onshore Gulf Coast. Amelia was founded in 2003 by Kirk Barrell and has offices in The Woodlands, Texas, thirty miles north of Houston. The company leverages its 25 years of geological and geophysical experience to obtain strategic positions in drilling projects. Updates on the Tuscaloosa Marine Shale and Austin Chalk projects are provided by the company at www.tuscaloosatrend.blogspot.com.
CAUTIONARY STATEMENT: This press release contains certain forward-looking statements regarding various oil and gas discoveries, oil and gas exploration, development and production activities, anticipated and potential production and flow rates and the economic potential of properties. Accuracy of these forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. Amelia Resources LLC cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this press release and, except to the extent required by applicable law, does not intend to update or otherwise revise these statements more frequently than quarterly. Important factors that might cause future results to differ from these forward-looking statements include adverse conditions such as high temperature and pressure that could lead to mechanical failures or increased costs, variations in the market prices of oil and natural gas, drilling results, unanticipated fluctuations in flow rates of producing wells, oil and natural gas reserves expectations, the ability to satisfy future cash obligations and environmental costs, and other general exploration and development risks and hazards.