Burleson Energy is an ASX-listed company focussed on projects onshore Texas, targeting conventional oil and gas reservoirs, where high impact prospects can be drilled at moderate cost.
We have aligned with US partner AKG Energy, a company based in Austin, Texas, that boasts a family of established oil patch experts with many years of experience. This alliance is a key asset.
Burleson Energy initially targeted Austin Chalk wells but shifted our focus in 2009 to lower-cost, lower-risk oil and gas leases in the Colorado and Wharton counties of Texas.
We now have a working interest in about 16,000 acres of a Colorado County 3D (CC3D) seismic project area and a 1000 square-mile 3D (1K3D) seismic licence.
AKG was on the lookout for Wilcox prospects in the area around the CC3D project as there had been some impressive Wilcox discoveries in the previous months in the region. As a result of AKG’s efforts, in late January 2010, two new areas covering large Wilcox prospects were secured, one to the southwest of the CC3D area and the other in Wharton County.
Working with our partners, we began a drilling campaign in February 2010, and since then have drilled four wells and made three discoveries, including one that has company-making potential.