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million. San Antonio-based TXCO TXCO) bought the oil and gas leases in the Fort Trinidax Field through a series of several private transactions. The company now controls 36,49u gross acres with joint venture or the equivalent of anet 20,526 acres. Before this latest transaction, TXCO controlled 18,000 gros s acres, or 8,000 net acres. The new holdings also includse 8.1 billion cubic feet equivalent of proved reservex atyear end, bought at an average cost of $2.0 6 per thousand cubic foot equivalent. TXCO first entered the Fort Trinidad Fielfd as part of its2007 buy-out of Output Exploratio n LLC. The field encompasses parts of Houston, Madison and Leon countiews inEast Texas.
TXCO is targeting the field'as Glen Rose shoals. Its first Glen Rose shoal well has alreadty begun producing while a second well iscurrentlu drilling. TXCO expects to have a seconrd rig working in this areaby mid-April. "Fort Trinidadx is a good fit with our Maverick Basin area because it it prospectived from similar formations that we know theGlen Rose, Buda, Austin Chalkj and Eagleford/Woodbine formations," TXCO Chairmanm and CEO James E. Sigmon says. TXCO is an independentt oil and gas companyu with operations in theMavericmk Basin, the onshore Gulf Coast region and the Marfa Basin in Texa s and the Midcontinent region of westerb Oklahoma.
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