DALLAS, Jan. 27, 2023 (GLOBE NEWSWIRE) — The Mesa Vista Ranch, previously operated by BP Operating and Polaris Operating, once had 60 producing wells. Oil billionaire T. Boone Pickens first bought the land in 1971 and over the years has spent millions of dollars putting together more than 100 square miles.
JSG now intends to drill (minimum) one (1) well every six months until the contemplated area is fully developed and expects to drill its first horizontal completion in the Granite Wash formation in February 2023.
The Granite Wash (GW) is a tight sand play located in the Texas Panhandle and western Oklahoma. Of Pennsylvanian age, the Granite Wash is 160 miles long and 30 miles wide. It varies in depth from 7,800′ to 15,400′ and is 300′-3,300′ thick. The producing reservoir has a porosity between 8% and 22%, and the Granite Wash has produced 20.2 million BBL (barrels of crude oil per day) and 2.4 billion MCF of natural gas since 1993.
Daniel Corey, CEO of JSG, said, “We are very pleased to expand on this proven perspective. Mr. Pickens Ranch represents nearly 50 years of assembly, infrastructure, proof of concept and dedication. As a family business, Joseph Sassoon Group recognizes the historic peak production levels on this asset, which is very impressive, and our goal is to reinvigorate this legacy.”
The 23,958 net acres of continuous drilling space allows for optimal well site selection across known geology. This allows for more decisive drill paths and eliminates the need to retreat from boundaries, as is typically required during mining when adjacent plots are unchecked.
The development is expected to generate a 78% royalty, meaning these mineral rights are rich in payments to drilling partners, compared to other lands with a higher royalty obligation due to land ownership. A conservative estimate is that $2.3 billion in resources are available for extraction in the first 1.5 years, based on the current crude price of $80/bbl. Various well locations and advanced geology on the acreage provide confidence in the extraction.
About Joseph Sassoon Group LLC
Joseph Sassoon Group is a legacy business and the successor to Sassoon & Co, an investment bank established in 1921, which succeeded the 500-year-old investment bank Shoshan Frères & Co-founded by the Sassoon family of Aleppo and of Thessaloniki in 1512. Today, Joseph Sassoon Group (JSG) is an SEC and FINRA registered investment management firm with offices in New York, Athens, Cyprus and with planned expansions in Israel and UK. JSG has a strong global commitment to the energy industry. It aims to facilitate the energy transition by investing, innovating and promoting efficiency. With this investment, the bank bolsters its portfolio with a prime asset to complement its commodities and futures business. JSG also actively seeks financing and investment opportunities in the development of energy projects, particularly those in the renewable energy sector in the United States, Canada and the EU. With its global experience in investing and financing renewable projects, JSG looks forward to continuing the development of Mesa Vista Ranch, in partnership with industry leaders and experts.
Contact details:
Alexia Tasouli
Communications Director
[email protected]
(212) 918-4582
Related images
Photo 1: Daniel Corey
Group CEO Joseph Sassoon, Daniel Corey
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