Type: private
Ticker:
Site: http://www.txsoil.com/

Company Information

Texas Standard Oil LLC is a Houston based oil company focused on drilling in the horizontal Wolfcamp play of the Permian Basin. Texas Standard Oil LLC is owned by Tim Roberson and Charley Sharman who have Land, Legal and Operational backgrounds (Operated 1st Permian well 30 years ago). Texas Standard has assembled a seasoned Permian Basin management team with substantial engineering, geological, land, legal and operational experience in the Permian Basin Wolfcamp play. Texas Standard Oil LLC has an outstanding opportunity and is in the process of acquiring a large, non-producing lease block in a rapidly emerging area of the Wolfcamp horizontal play where two (2) new Wolfcamp horizontal wells have been drilled and two (2) horizontal Wolfcamp wells have begun drilling. Several other wells are permitted in area.

Deals

Deal StructureAmountSummary
Working Interest$50,000,000.00 Raise $50 million, acquire the ~30,000 acre block, continue additional leasing including acquiring other non-producing lease blocks and drill one or two horizontal wells to demonstrate the potential of this area. Once potential is established , the plan is to secure $100 mm to $150 mm of drilling funds to finish enough horizontal drilling to prove up the entire block, and then sell the block. Texas Standard anticipates such a sale can be accomplished within a 36 month period from first acquisition

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