(MENAFN- GlobeNewsWire - Nasdaq)
DALLAS, Jan. 27, 2023 (GLOBE NEWSWIRE) -- The Mesa Vista Ranch, previously operated by BP Operating and Polaris Operating, once had 60 producing wells. Oil billionaire T. Boone Pickens first purchased the land in 1971 and over the years spent millions of dollars assembling over 100 square miles.
JSG now intends to drill (at a minimum) one (1) well every six months until the prospective acreage is fully developed and is scheduled to drill its first horizontal completion in the Granite Wash formation in February 2023.
The Granite Wash (GW) is a tight sand play located in the Texas Panhandle and Western Oklahoma. Pennsylvanian in age, the Granite Wash is 160 miles long and 30 miles wide. It varies in depth from 7,800' to 15,400' and is 300'-3,300' thick. The productive reservoir is between 8%-22% porosity, and the Granite Wash has produced 20.2 million BBLs (barrels of crude oil per day) and 2.4 billion MCF of natural gas since 1993.
Daniel Corey, JSG's CEO, said, 'We are very excited to be develop this proven prospect. Mr Pickens' ranch represents almost 50 years of assemblage, infrastructure, proof of concept and devotion. As a family owned and operated firm, Joseph Sassoon Group recognizes the historical peak production levels on this asset, which is very impressive, and it is our objective to invigorate this legacy.'
The 23,958 net acres of continual drilling space allows for the optimal selection of well sites across known geology. This allows for more decisive drilling paths and eliminates the need to pull back from borders, as is commonly required when operating when adjacent parcels are not controlled.
The development is expected to generate a 78% royalty interest, which means these mineral rights are rich with payout to the drilling partners, compared to other tracts with higher royalty obligation due to land ownership. Conservative estimate project $2.3 billion of resources are available for extraction within the first 1.5 years, based on today's $80/bbl crude pricing. Diverse well locations and advanced geology on the acreage provide confidence in the extraction.
About Joseph Sassoon Group LLC
Joseph Sassoon Group is a legacy firm and successor to Sassoon & Co an investment bank established in 1921, a successor to the 500-year merchant bank Shoshan Frères & Co-founded by the Sassoon family of Aleppo, and Thessaloniki in 1512. Today, Joseph Sassoon Group (JSG) is an SEC and FINRA-registered investment management firm with offices in New York, Athens, Cyprus and with expected expansions in Israel and the UK. JSG has a strong global commitment to the energy industry. It aims to facilitate the energy transition by investing, innovating, and driving efficiencies. With this investment, the bank is fortifying its portfolio with a best-in-class asset to complement its commodities and futures business. JSG is also actively seeking opportunities to finance and invest in the development of energy projects, particularly those in the renewable energy sector in the U.S., Canada and the EU. With its global experience in investing and financing renewable projects, JSG is looking forward to further developing the Mesa Vista Ranch, partnering with industry leaders and experts.
image 1: daniel corey
Joseph Sassoon Group CEO, Daniel Corey
This content was issued through the press release distribution service at newswire.com .
Daniel Corey Daniel Corey Tags david sassoon joseph sassoon group texas oil