NYTEX Announces Plans to Drill 2,147 Acres in the Fort Worth Basin
DALLAS--(BUSINESS WIRE)--NYTEX Energy Holdings, Inc. ("NYTEX", or the “Company”) (OTCQB: NYTE), a Dallas-based energy holding company operating through its subsidiary, NYTEX Petroleum, Inc. today provided an update with respect to its near term drilling plans. NYTEX plans to drill and operate wells on approximately 2,147 acres in Young County, Texas. The acreage has multiple objective oil reservoirs at depths of less than 5,000 feet, consisting of Bryson & Sojourner Sandstones, Caddo Limestone, Atoka Conglomerates, Marble Falls, and Mississippian Limestone.
“The detailed geological and engineering studies we undertook this year have given us the confidence to move forward with developing this opportunity and once drilled, we expect it to positively contribute to our operating results.”
NYTEX recently completed extensive geological analysis on the acreage and has identified numerous multi-pay well locations. NYTEX is actively seeking joint venture partners and plans to fund its portion of drilling and development costs from available working capital and other sources of capital.
Michael Galvis, NYTEX President and CEO, commented, “We believe the Fort Worth Basin continues to provide exciting development opportunities, especially given the shallow depth and multiple pay zones.” Mr. Galvis added, “The detailed geological and engineering studies we undertook this year have given us the confidence to move forward with developing this opportunity and once drilled, we expect it to positively contribute to our operating results.”
About NYTEX Energy Holdings, Inc.
NYTEX Energy Holdings, Inc. (website: http://nytexenergyholdings.com) is an early-stage exploration and production (E&P) company engaged in the acquisition, development, and production of oil and gas reserves from low-risk, high rate-of-return wells in shallow carbonate reservoirs. Our strategy is to enhance value for our shareholders through the development of a well-balanced portfolio of natural resource-based assets at low finding and development costs.
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