Delray Securities announces Major Oil & Gas Venture in Nevada
Delray Securities Oil & Gas Fund today Announced a Major Oil & Gas Partnership for a 36 Well Venture in Nevada.
- (1888PressRelease) April 22, 2012 - Delray Securities, LLC has formed an Oil Exploration Partnership for the purpose of acquiring Working Interests and Net Revenue Interests for wells drilled on a lease for 1,300 acres located in White Pine County Nevada and options to acquire Working Interests and Net Revenue Interests in drilling up to 35 offset development wells on the Lease. After several years of exploration and testing, the Partnership, has identified significant oil and gas potential in the heart of Nevada's Great Basin. The Partnership has an Agreement to implement a turn‐key program to drill and complete one (1) exploratory well and options to drill and complete up to 35 offset wells on the Lease. The exploratory well and offset wells will be drilled and completed in accordance with established oil and gas industry standards.
Based on geological data and reports, the Partnership estimates that the geological structure in the Lease could contain 300,000,000 barrels of oil. Estimated production from the proposed exploratory well could be +/‐ 5,000 barrels of oil per day. Major oil companies, including Shell and Great Plains, are aggressively acquiring leased acreage in the same area covered by the Lease.
Mr Steven J. Mueller, CEO of Delray Securities, LLC and Senior Portfolio Manager of Delray Securities Oil & Gas Fund expects work on the site to begin in early Summer 2012..
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Delray Securities, LLC
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