Tomball, TX-based independent JBL Energy Partners and its partners completed the sale of an interest in 17,000 acres in Leon County, TX, within the Woodbine oil play to Halcon Resources. The sale included all oil, gas and mineral rights owned by JBL and its partners within the acreage position.
“JBL Energy Partners has over 10,000-plus acres in the Woodbine that we are currently mocking up a drilling program for, and are using the funds from this sale to further develop multiple projects in both East Texas and the Gulf Coast region,” said JBL CEO Jason Lane. “Having been acquiring and developing early stage oil, gas and mineral plays in the East Texas basin for over 10 years, I am very excited about JBL’s future prospects in the region.”
Estimated ultimate recoveries documented by operators in the horizontal Woodbine sandstone range from 300,000 to 500,000 bbl of oil, JBL said. Among those active in the area are Apache Corp., Encana Corp., Chesapeake Energy Corp. and EOG Resources.
JBL also said it and partner Terrace Energy LLC of Fort Worth had spud the first horizontal well on their joint venture prospect in Woodbine, TX. Terrace Energy, LLC has a 75% working interest in 13,500 acres, while JBL retains a 25% nonoperating interest in the play and will be carried by Terrace on the first two wells drilled.
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