Crude oil found on Boys Ranch, new well site coming soon
Wed, 01 Feb 2012 04:13:14 GMT —
If you see a few new oil wells popping up around the Texas Panhandle, don't be too surprised, it could be a growing trend. Pretty soon, you might even see a brand new oil rig right in our own backyard -- Boys Ranch.
Although it hasn't actually been put in place yet, Apache Corporation, the largest independent oil and gas operation in the country, will be drilling for oil on land owned by Boys Ranch.
"I don't think they would be drilling on a piece of property unless they were hopeful that there was something there," said President and CEO of Cal Farley's Boys Ranch, Dan Adams. "They've done a lot of drilling, testing and then drilling around us and it's been productive enough that they have interest in drilling where we happen to have some mineral interest."
That means good news for the ranch. It would reap some of the monetary benefits that would be produced as a result of a productive well.
"It certainly is of interest to us and will have an impact on us." said Adams.
"If they do so and if they drill a well that is productive and successful on Boys Ranch property, in minerals owned by Boys Ranch, it could really work to Boys Ranch benefit," added Wayne Hughes, Executive Director of Panhandle Producers and Royalty Owners Association.
Even though Hughes was quick to say he wouldn't call it a "boom", he did say the industry was sure to be around in the Texas Panhandle for quite some time.
"Oil wells have become a somewhat more sure thing than they were as recently as five years ago," he said. "The demand is huge, especially for crude oil and we have reserves, proven reserves in the Texas Panhandle for the next hundred years," said Hughes. "So your great-grandchildren will know about drilling for oil and gas in the Texas Panhandle."
Because it's unsure just how productive a future well on Boys Ranch property will be, drilling there is just as much of a risk as anywhere else. But even then, it's still one both Apache and Boys Ranch are willing to take.
"It's a gamble. It's a huge gamble. But when it pays off, it pays off nicely for all the parties involved," said Hughes.
"We consider it an asset and if there's any part of that whether it's the wind or the minerals, the cattle operation, the gravel operation, anything that can help offset the cost of this operation, we'll take advantage of it," added Adams.
Adams told Pronews 7 Tuesday they expect the new drilling operation to begin sometime in March or April of 2012.