ETX Energy is currently focusing its operating activity on its approximately 80,000 acres in East Texas. The Company has expertise in drilling and producing both horizontal and vertical wells with production co-mingled from multiple zones. The opportunities on the company’s acreage in the stacked pay Buda, Georgetown, Edwards and Glen Rose formations (the “Buda-Rose”) as well as the Eagle Ford Shale are enormous. ETX has over 525 square miles of 3D covering its acreage. The Company restarted its drilling program in the second quarter of 2017 beginning with its horizontal Buda drilling program.
ETX is utilizing its significant 3D seismic position to help develop its proprietary strategy for identifying horizontal Buda locations and also its method for successfully drilling and completing Buda wells. ETX plans to also apply these techniques to the other stacked pay carbonates formations in its acreage, the Georgetown, Edwards and Glen Rose.
ETX also expects to begin its horizontal Eagle Ford drilling campaign this year in Grimes county very near other industry players actively drilling in the area. The company believes it has a substantial long term inventory of Buda, Georgetown, Edwards, Glen Rose and Eagle Ford locations.