Flowtex Energy completed its acquisition of a large East Texas field with significant, currently producing acreage and leases, according to a Feb. 10 press release.
President Beau Flowers said the company acquired these “undervalued assets” and plans to bring five wells back into production initially.
Flowers also said that the site’s first workover was more successful than anticipated—the well, deemed unrepairable, was back on production Jan. 8 with an IP rate of 230 barrels per day of oil, he said, noting that Flowtex plans to handle the rest of the wells in February
Austin, Texas-based Flowtex was formed after the oil price crash in 2014.
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