Sino American Oil Co. reported Tuesday that it plans to acquire a majority stake in a North Texas oil field.

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The Wyoming-based company said that it would obtain a majority working interest in the Piave Oil Field, located in Throckmorton County, TX, by way of a newly signed memorandum of understanding (MOU) with Estacado Energy LLC.

“This acquisition not only brings on current well production, but the upside of the certified geological reports also establishes notable upside potential,” said Sino American CEO Kim Halvorson.

Halvorson told NGI’s Shale Daily that the Piave field is neither part of the currently defined Barnett Shale nor the Cline Shale.

According to the Railroad Commission of Texas (RRC) online oil and gas database,  Estacado has been the Piave field...