Black Gold Resources Inc. acquired a stake in the 10-well income joint venture in the Austin Chalk, the company said July 1.
The 13-well EOR project is in Caldwell County, Texas, and 12 of the wells are proved productive vertical oil wells. Of this group, two will become water injection wells.
The water injection wells will repressurize the formation to increase its daily production rate and extend the life of other wells. The 13th well is a water disposal well that will be used in EORs.
Hendersonville, Tenn.-based Black Gold Resources Inc. operates in Oklahoma, Texas and Kansas.
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