 Pipeline
Resources, Inc. is an aggressive independent oil and gas company
headquartered in Van Alstyne, Texas with a satellite office in
Corpus Christi, Texas. Founded in 1990, the company's initial
focus was with non-operated drilling prospects in Central and
West Texas . In 1992, Pipeline refocused its area of interest
to the Texas Gulf Coast with the acquisition of the North McFadden
Field, located in Victoria County, Texas. In 2002, Pipeline Resources
sold the majority of all of its developed properties in the gulf
coast area. This decision was made due to an extremely attractive
financial offer. And, the fact that Pipeline Resources had a large
inventory of new leases they wished to develop.
Since the first well was drilled on these new
leases in 2002, 36 wells have been drilled with one dry hole.
A few highlights have been the Mission River Field in Refugio
County , Vandenberg & Hill in Victoria County , and the North
East Refugio Field in Refugio County . These wells have all had
excellent initial production with numerous proved undeveloped
reserves to be exploited in the future. All of these leases have
additional drilling locations which will allow for continued development
of a low risk infield drilling program. This will greatly maximize
the revenue potential for each property.
In 2001, Pipeline Resources and a group of industry
partners purchased the Weigang Field, which is the largest Carrizo
oil field ever discovered. The property is currently producing
over 200 barrels of oil per day and there remains the potential
to put another formation, which has never been tested, into production.
If this theory works, it could add another 4 million barrels of
recoverable oil to the already excellent reserve potential the
lease currently holds.
Pipeline Resources has had tremendous success
in South Texas , and, although we have looked at drilling prospects
all over the country, we have been reluctant to leave the area
which has been so good to us. However, in 2004, expansion began
in an entirely new area with the successful drilling of the Angell
Ranch project in Eddy County, New Mexico. Pipeline Resources expects
to continue expansion into New Mexico in the near future.
Business Strategy
Pipeline Resources business strategy is to spread
our drilling dollars over numerous wells, dramatically reducing
our risk.
One other major aspect of our success is the
nature of the type of projects we participate in. The majority
of Pipeline Resources successful exploration has taken place in
the Texas mid-gulf coast area, specifically in seven counties
of South Texas . This area was initially developed be the major
oil companies from the 1930's to the 1970's. The initial development
phase of the area had very precise objectives. Because of this,
numerous Frio sands were bypassed for a variety of reasons. Today,
Pipeline Resources utilizes state-of-the-art technology, i.e.
3-D seismic and excellent subsurface geology, to identify new
reservoirs and large pockets of incompletely drained reserves
which still exist.
Current company daily production is 600 BOPD
and 4000 MCFD. However, these numbers do not represent our ultimate
production potential; as we have huge numbers of reserves left
to produce from proved undeveloped reservoirs.
Pipeline Resources has a large number of upcoming
projects and are adding to the list daily. We are excited about
our position in and the prospects of the oil and gas industry.
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