Hull Energy, Inc., an Oil and Gas exploration company announced today that they have executed a letter of intent to acquire 40% of Home Creek Energy's Senn Ranch Development Joint Venture. The Joint Venture was formed in order to complete and bring online two shut in wells on the Senn Lease located in Kent County, Texas.
Hull estimates the time to bring both wells online will take approximately 60 days and will require a small capital infusion to be determined and set forth in the definitive agreement. Once operational, oil production is expected to range from eight to sixteen barrels per day. Additionally, Hull Energy, subject to the execution of the definitive agreement, will have a right of first refusal on the remaining twelve drilling locations available on the six hundred forty acre Senn Lease. Ron Ratner, CEO of Hull Energy, Inc. stated, "This transaction is another example of our strategy to acquire working wells and we are very excited to be working with our new partners." "With the rising price per barrel of oil and the help of Hull Energy as our joint venture partner we can now explore bringing this property to its full potential," said Anthony Maye, Managing Director of Home Creek Energy, LLC.
About the Senn Lease
The Senn Lease is six hundred forty acres located in Salt Creek Field in Kent County, Texas. Currently operated by Home Creek Energy, the Senn Lease in the past has produced over 128,251 barrels from just three wells.
About the Salt Creek Field
Since its initial discovery, Salt Creek Field has employed consistent reservoir surveillance and development programs. Soon after the field discovery, gas cap and water injection programs began to maintain reservoir pressure which optimized recovery.