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Wiser Oil Acquires Louisiana Acreage for Exploration and Production
Increasing its reserve base one acquisition at a time, the Wiser Oil Co. said Wednesday that it has entered into a long-term agreement with a private Dallas-based minerals company to explore and develop approximately 141,000 acres in western Calcasieu and Beauregard Parishes, LA.
No financial terms were disclosed and the acquisition took place with no reserves or production attached. Dallas-based Wiser said it will operate the property with a 50% working interest.
Located just east of the Texas state line and encompassing several active plays, including the prolific Frio, Hackberry, Yegua, and Wilcox trends, Wiser's exploration team has already identified over 30 prospects and leads within the acreage block.
"This acquisition adds to an important new core area that we established last year in our U.S. operating base, and will expose the Company to significant exploration opportunities over the next several years," said George K. Hickox, Jr., CEO. "Portions of the acreage have extensive 3-D seismic coverage, and the acreage has been sparsely tested for the targets we intend to pursue. The addition of this asset is another important step in balancing our existing developed long-lived U.S. reserve base with a portfolio of quality onshore exploration projects."
As of Dec. 31, 2002, Wiser's total proved reserves were 209.3 Bcfe, with natural gas comprising 52% of total reserves. The independent oil and gas exploration and production company operates along the Texas Gulf Coast, the Gulf of Mexico, the San Juan Basin, the Permian Basin of West Texas and New Mexico, and Alberta.
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