TexStar Energy Corporation announced the acquisition of 20 wells in Caldwell County, TX in which TexStar has retained a 20% carried working interest being a 15% net revenue in the wells. TexStar Energy commissioned Geologic (a geological engineering company) to evaluate the wells' potential. Geologic's report concluded, "The A.J. Carter Lease is a multi-well (20 wells) re-stimulation project for the shallow (2100-2300') Austin Chalk Reservoir. The A.J. Carter Lease, located in the Dunlap-Spiller field area, has produced 475,000+ BO. Based on 'Core and Log Analysis,' the Targeted Remaining Reserves are 1,625,000 BO. The A.J. Carter Lease is ideally located along the up-thrown side of the Dunlap Fault thereby, increasing the productive potential of the Austin Chalk Reservoir and maximizing per well production."
TexStar Energy Corporation is engaged in the oil and gas business, with operations located primarily in Texas. The Company's ultimate strategic focus is the development of oil and natural gas production and reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. Charles Burris, President, stated, "We have worked diligently to become a recognizable force in today's energy market. TexStar was able to have a very successful beginning of 2012 through mergers, acquisitions and overall
growth."
