Grapevine, TX-based Reichmann Petroleum Corp, a privately held independent oil and gas operator, said Tuesday that it has formed a strategic partnership with Dallas, TX-based Striker Petroleum LLC to focus on natural gas production in the South Texas area.
Striker is buying a 37.5% working interest in more than 11,500 acres of Reichmann’s South Texas positions in Zapata and Starr counties, part of the Wilcox Trend in the Gulf Coast Basin. Reichmann has a total position of 34,640 acres in the Gulf Coast Basin with about 100 wells in the Wilcox play. Reichmann’s largest land position is in Zapata County, the third largest county in Texas in terms of gas production. Recently, Reichmann completed the J.M. Cuellar well in Zapata County. The well is included in the transaction and is already producing 1.2 MMcf/d.
“This partnership with Striker is on strategy with the development and production goals of our company,” said Dan Peters, senior vice president of South Texas operations for Reichmann Petroleum. “This transaction will enable us to increase our prospecting opportunities through 2006 and into 2007 to help us reach peak production on this acreage by 2010.” Reichmann currently has 70 wells planned for the acreage. The company holds 82,000 net acres combined in the Wilcox trend in South Texas and the Barnett Shale in North Texas..
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