Green Star Energies, Inc. (Pink Sheets: GSRE) is pleased to announce they have partnered with Petrolia Group, LLC of Houston, Texas to develop the California Creek Oil Field in Oklahoma immediately. As per the terms of the agreement, Petrolia Group, LLC will supply all development costs and operational expertise to the project and in return Green Star Energies will share the improved production revenue.
Ian Acrey, Managing Member of Petrolia Group, LLC said, “We have been very interested in the California Creek Field of Rogers and Nowata Counties, OK due to the significant upside available through accelerating the extraction of proven oil reserves. Petrolia is currently evaluating the fields for a thorough workover program that will include reworks and the bringing online of previously abandoned wells.”
Petrolia Group, LLC is a privately held, licensed operator in Texas and currently operates approximately 10,300 net mineral acres, 87 wells, 31 miles of pipeline, and an in-active 23.5 BCF gas storage facility inBrown and Comanche County Texas. An independent reserve report dated January 2010 estimates total reserves under Petrolia Group management to be 3.6 billion cubic feet of natural gas and 7.4 million barrels of oil.
“This is one of the first steps to bring more production under Green Star’s umbrella through acquisition, development and joint ventures,” stated Green Star Energies CEO Steve Rackley.
The California Creek project, located in North East Oklahoma, has 10 producing wells and multiple workover opportunities on 3 leases that cover approximately 230 gross acres with 27 current infield wells. Current production averages about 300 barrels of oil per month representing approximately 1,600,000 bbl as per reserves report. Pictures have been posted onto the website along with more information on current production and historical reserves.
Source: PR Newswire