Lasso Announces Acquisition of Louisiana Multiple Pay Project
AUSTIN, TEXAS — (February 17, 2008) Lasso Partners, LLC today announced the acquisition of operations and substantial working interest in over 20,000 gross acres in Franklin Parish, located in east central Louisiana. Associated with the acquisition are five wells, three in the process of re-completion, and two producing a total of approximately 190 barrels of oil and 250,000 Mcf of natural gas per day from the Lower Tuscaloosa pay between 8000 and 9000 feet. It is estimated that up to 15 proved, undeveloped locations currently exist, with multiple additional possible locations and 3-D seismic prospects throughout the acreage. Future wells are planned to test the Paluxy formation and Selma Chalk, as well as other sands in the Tuscaloosa.
Working interest to be acquired ranges from a minimum of 24.75% before payout, and 34.75% after payout in some leases to 100% in others.
The principal field targets are the Lower Tuscaloosa sands. Bordering the survey to the southeast is the Holly Ridge field (18.9 MMBbls and 65 Bcf) and to the east is the Lake Formosa Field (1.7 MMBbls and 9 Bcf). Further east in Tensas Parish is the Buckhorn field (11 MMBbls and 25 Bcf) and the Lake St John Field (87.1 MMBbls and 530 Bcf).
The acquisition is moving forward under purchase and sale agreement. The initial installment occurred in January 2008, and final closing is scheduled for March 31, 2008, subject to customary closing conditions. Control of operations commenced February 1, 2008.
The acquisition includes 55 square miles of 3-D seismic, and access to an additional 20,000 acres of prospective acreage to be surveyed.
Lasso Partners, LLC is sponsor of Lasso Energy Partners, I, LP a private equity fund for investment in the direct development of oil and gas reserves. Learn more at www.lassopartners.com
This press release includes forward-looking statements which involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Forward-looking statements above are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including, without limitation, competition, intellectual property rights, litigation, needs of liquidity, and other risks detailed from time to time in the company's reports filed with the SEC. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, but not limited to, continued acceptance of the company's products and services, competition, new products and technological changes, as well as any and all "other risks" associated with business.