Benchmark Oil & Gas , a subsidiary of Benchmark Oil & Gas AB, announced today that Benchmark along with Aminex Oil and Gas USA have signed a Participation Agreement with Rimco Production Company (Rimco) and Adams Resources Exploration Corp. (Adams) to explore in Orange County, Texas.
Benchmark and its Partners have taken a substantial lease position in the County and expect to begin drilling the first well in July of this year, with additional wells to follow. The study area encompasses the 60 square mile area surrounding the Orange Field Salt Dome in southeast Texas. Benchmark provides its technical expertise and technology to develop drillable prospects, retaining a 25% working interest with Aminex being the operator.
Benchmark is currently raising the funds necessary to meet its' obligations under this agreement and at Sabine Lake. At this time the Company is still anticipating listing on a suitable stock exchange and conducting a public offering some time in the future.