- A family-owned oil company is celebrating its largest discovery yet.
- A 13,000-acre field in Val Verde County holding an estimated 417 billion cubic feet, or 74.2 million barrels, in oil and gas reserves.
- Barron Petroleum, based in Graham, announced the discovery on Monday after working with scientist William J. Purves on the project since 2018. Using Purves’ 3D seismic model to estimate the location and size of the oil and gas reservoirs, the company confirmed the find by successfully drilling two wells at the site, located about 35 miles south of the West Texas town of Ozona.
Albert G. McDaniel, a petroleum engineer based in Fort Worth and interviewed by the Fort Worth Telegram, completed the evaluation of the oil and gas reserves and wrote that the project is now so low-risk that it “more resembles that of a development project than an exploration venture.”
McDaniel added that Barron Petroleum will have the ability to drill some 60 new wells, allowing energy companies to purchase large quantities of gas or oil from one site.
“This is a major discovery because these new field designations are all going to be made from this one 13,000-acre lease,” McDaniel said. “These are going to be high-volume, high-rate wells from a major new field that will be developed over the next five to 10 years.”
Sahota is already negotiating a contract with energy companies Kinder Morgan and Enterprise to lay down a miles-long gas line and sell natural gas drilled out of the field.