Dallas, TX -- (SBWIRE) -- 08/18/2015 -- Legacy Exploration, LLC ("Legacy") and Dallas Petroleum Group ("DPG") today announced a strategic relationship on a new well development program in Jack County in North Texas. The program will comprise approximately 48 acres and its first well has spudded last week. The program, which targets oil with associated gas, is located in a proven area with a long history of successful production. The major payzones could include the Caddo, Marble Falls, and the Ellenberger formations.
The LEX #8- Cleveland #2 was spudded on August 4, 2015 and will be drilled vertically to approximately 6,900 feet in Jack County over a one to two-week period, with the Ellenberger formation as the primary oil objective.
Legacy has previously partnered with DPG on a very successful well in Jack County, Texas. On June 7, 2014, the LEX #2-Sparkman #1 was drilled to a proposed depth of 6,450 feet in Jack County, Texas and commenced completion operations after the well tested positive for hydrocarbons. The well went online in August of 2014 and since, we have sold more than 4,200 barrels of oil and 1,951 MCF of gas. Currently the well is averaging 25 BOPD and 30 MCF of gas per day with two potentially productive reservoirs behind pipe.
"We are very excited to partner with DPG on this new development which we believe will catalyze our growth and help us achieve our long term vision of being a top notch Texas oil and gas company" said Andrew Gautreaux, Chief Executive Officer of Legacy. "Our previous acquisition with DPG resulted in one of our best wells and we look forward to continued success with DPG."
About Legacy Exploration
Legacy Exploration is an upstream oil and gas company focusing on drilling projects in some of the most prolific oil and gas fields in the country. Our mission is to maximize the value of our projects by using advanced drilling techniques and an extensive network of industry partners to ensure low-cost, high-return wells.