" Doral Energy Corp Closes on $1,700,000 Acquisition of Producing Oil and Gas Assets Within the Permian Basin Globe Newswire Jul 01, 2010
MIDLAND, Texas, July 1, 2010 (GLOBE NEWSWIRE) -- Doral Energy Corp. (OTCBB:DRLY) ("Doral" or "the Company") announced today that it has closed on 6,800 acres of operated producing oil and gas assets within Southeastern New Mexico for a total purchase price of $1,700,000. The acquisition consists of 15 leases currently producing approximately 54 BOPD (8/8ths) with Working Interests ranging from 37.9%-100% with associated Net Revenues ranging from 32.3%-87.5%. Current production is from the Permian Age, San Andres Formation, which produces at a depth of approximately 4,100 feet. This acreage sits adjacent to other San Andres production and offers Doral the ability to explore the possibility of both down-spacing, to exploit undrained acreage, as well as to stimulate current producers in order to potentially increase production."