Aresco acquires oil interest in Cherokee Platform in Oklahoma

Thursday, June 25th, 2015 and is filed under Oil and Gas Current Events

Aresco LP acquires working interest position in multiple-play opportunity in Oklahoma County, Oklahoma; vertical development prospect targets the Red Fork and Skinner Sandstones and Hunton Lime formation

(Dallas, Texas) –– Aresco LP, a Dallas-based energy exploration and production company, today announced the acquisition of a significant working interest position in a 160-acre prospect in Oklahoma County, Oklahoma. The prospect acreage sits on the eastern edge of the Cherokee Platform on trend with the Oklahoma City Oil Field, which has produced over three billion barrels of oil since its discovery in 1929 according to the U.S. Energy Information Administration.

“Given the current soft pricing landscape, it’s more important than ever to evaluate opportunities based not only on ultimate recovery potential but on cost structure,” said Brandon Laxton, President and Founder of Aresco LP and Aresco Operating. “As such, we’ve been exploring opportunities to drill more shallow wells in proven producing fields with well-established infrastructure. With long-lived well production, this strategic move into Oklahoma provides attractive return potential at today’s prices while also setting our capital partners up for solid cash flow as prices continue to rebound.”

The first of two developmental wells is scheduled to begin drilling late-summer 2015 and will test two primary objectives, the Red Fork Sand and Hunton Lime, as well as a secondary objective, the Skinner Sand. Total commingled recovery from the three zones is estimated at 400,000 barrels of oil.

About Aresco LP

Aresco LP is a privately held Dallas-based exploration and production company actively engaged in developmental drilling, mineral leasing, and production acquisitions in conventional and unconventional oil plays throughout Texas, Oklahoma, and New Mexico including the Permian Basin and Eagle Ford Shale plays. The company specializes in production-driven projects designed to provide income stability and strong growth potential. Aresco’s asset portfolio provides a strong balance of ownership positions in rapidly developing conventional formations and development projects in proven oilfields with decades of active drilling and production. To learn more, please visit www.arescotx.com. Follow the company on Facebook, Twitter, LinkedIn, or YouTube.