Sun Resources, an Australian based independent, has announced the acquisition of the Delta Oil project in Texas. The 10,000 acres is prospective for the Eaglebine formation. It will be interesting to see what county this is in. Most activity that targets the Eaglebine is in the norther portion of the play in Burleson County and Milam County. Wells targeting the Eagle Ford have been drilled as far north as Leon County, TX.
I'm sure we'll find out when this deal closes.
Sun Resources (ASX: SUR) is positioned to acquire a significant oil project in the U.S., with the company's shares currently in a voluntary suspension due to a capital raising plan being undertaken.
The acquisition of the Delta Oil Project - consists of an extensive 10,000 acres of oil and gas leases in the emerging ‘Eaglebine’ oil play within the shallow oil zone of the Eagle Ford Shale trend.
Independent consulting firm Ralph E. Davis has estimated unrisked 10 million barrels of net Prospective Oil Resources in one sand unit of the Delta Oil Project.
Read the full news release at proactiveinvestors.com.au