Dallas firm acquires Tuscaloosa interest
advocate staff report Dec. 1, 2015; 7:38 a.m.
Dallas-based Aresco LP has acquired a working interest on 20,000 acres in the Tuscaloosa Marine Shale and expects drilling on the first of four wells to begin in December.
Details of Aresco’s ownership interest and partner or partners were not released.
The oil-and-gas exploration company’s acreage lies north of Baton Rouge and straddles the Louisiana and Mississippi state lines.
Aresco said four wells are planned for the acreage, and the wells should be drilled, completed and begin production around the middle of May.
“With the current oil and gas price downturn, we have been able to step up as an alternate funding source to help support continued development,” said Brandon Laxton, president of Aresco LP and Aresco Operating Co. “This has allowed us the opportunity to offer premium drilling positions and attractive return potential to our team of private capital partners.”
Link to Aresco website. Click "Areas Of Interest" for map.
Does anyone know who they bought the leases from ?
WHAT DOES IT MEAN, "ARESCO HAS " ACQUIRED " AN INTEREST ? ?
I cannot tell from their map if it includes my neck of the woods.
Is acreage specifically Identified ? Where can I find the documentation ?
Please help me to understand.
Best regards, Joybee.
The term, Working Interest, commonly refers to parties that participate in funding a well and any continuing operating expenses but do not actually drill the well themselves. In this case the Working Interest could include paying for a 20% interest in the leases to be drilled. Thus when a well or wells are drilled Aresco would pay 20% of the cost. I don't think its worth your time to attempt to identify the acreage or find documentation. There likely is nothing to find outside of the possibility of an assignment in Aresco's name filed in a local clerk of court's public records. As was predicted when this discussion was new, neither Aresco nor any company they might be working with has applied for a drilling permit much less actually brought in a rig to drill a well. I won't speculate further but this is a fairly common means of seeking investor money.
TO: Skip Peel, Thank you for your straight-forward and knowledge based information. After JESUS returns, everyone will be as honest as you are. But, until then, we all must tread carefully. ** Joybee **
Looked at Aresco's website - seems to be a company that is looking for investors as small as $25,000 to put $$$ into their project areas.
Initially I thought that they may have been a private equity provider but that does not appear to be the case.
Their "contact us" link below seems to point to "let's us use your money to drill some wells" .
Plus I have seen nothing on Aresco in their other "areas of interest" - they don't name who their "operators" are - which is strange to say the least.
The LA DNR/OOC does not recognize an operator with the name Aresco. Although it would seem madness to drill TMS wells in this price environment there may be a compelling interest to drill leases dearly bought and with a drilling commitment. The last two LA TMS permits were by Paloma for Denkmann wells in St. Helena. There is simply not enough information to know whether this is an investment scheme or a desperate effort to cover a portion of the drilling cost to hold the leases.
They have video on their site from 3 "projects" one in Houston County, Texas, aa second in Jones County, and the other in Haskell County, Texas. The names provided for the wells do not match any permitted wells.
dbpb. often operators change the names of their wells to encourage investment or participation. It is done all the time out in the Permian Bain. Takes a while for all the name changing to catch up to the actual API name.
@ William - I'm pretty familiar with that. In this particular case, the names are sufficiently similar to actual wells to promote confusion if one were checking production data query or the W-1 system. But they don't appear to correspond to any of the similarly named wells that were permitted and drilled much earlier than reported. They are also not reported as workovers.