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Legacy Exploration Announces New Drilling Project

Source: www.gulfoilandgas.com 7/2/2020, Location: North America

Legacy Exploration, a privately held oil and gas company located in Dallas, Texas has announced that it will commence drilling operations for two horizontal oil wells in the Fort Worth Basin in July of 2020. Legacy Exploration has spent 7 years drilling oil and gas wells in North Central Texas and all of their projects have been funded through private placements. Andrew Gautreaux, Legacy Exploration's Founder and CEO said, "Many wells have been completed in this formation vertically, but only a handful of wells have been completed in the Marble Falls formation horizontally. Moreover, we are using 3-dimensional compressed seismic to acquire data prior to drilling these wells, and most companies I know of that are using this kind of technology are the majors."

In closing, Gautreaux said, "I can't think of a better opportunity right now! The Fort Worth Basin has been completely overshadowed by the Permian Basin, and because the type of wells we are drilling are more expensive than traditional vertical wells, the smaller independents can't afford to take on projects like ours, and the majors are only going after the meteoric producing areas that have already been proven. Our investing partners have been extremely loyal to us and it is our obligation to see to it that our partners are able to take advantage of the upside. In addition, we have always known that the Marble Falls formation is comprised of oil and gas, but after drilling so many vertical wells, we hypothesized that if we could drill horizontally for 5 times the money it cost us to drill vertically, but could potentially achieve 20 to 30 times the reserve potential, the value would be there."

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