Geeze shabby you are being selective in your google postings - Just go back a year or two - here is a more enlightening extract for you to contemplate.
...... Erwin worked this field in the 1980s for Chevron Corp. and in the early 1990s for American Energy Group Ltd., which in 1994 acquired Brad Simmons' company, Simmons Oil.
At that time, Erwin leased 384 acres for American Energy and worked it.
The field was abandoned during the oil price collapse of the 1980s. Some limited activity resumed later but ceased again in the downturn of the mid-1990s.
The field, strewn with drilling equipment and rusty abandoned jackpumps from the 1950s, has been mostly idle for years, according to Erwin.
Now, TK Petrosearch and another independent producer are once again working the untapped reserves in the field in the midst of broadcast towers belonging to KTRK and FOX -- which own the mineral rights.
"They are making a nice royalty," says Erwin, who owns 70 percent of the working interest in the field. The other 30 percent is owned by his partner, Maverick Drilling Co. -- also no stranger to Blue Ridge.
"The fathers of this drilling crew worked this field for Maverick," Erwin says.
Erwin, a Houstonian, was working in Zapata County when he asked Simmons to partner with him on his Blue Ridge leases.
When Simmons told Erwin about his plan for Petrosearch, Erwin jumped at the opportunity.
"This is my dream -- to do the whole thing myself. I'm a one-man shop. I love doing this even more than I love fishing," he says.
Pointing to a 2,500-foot broadcast tower nearby, he says his crew will soon drill a well twice that length.
"When you drill a hole a mile into the ground and find what you're looking for, it's pretty exciting," Erwin says. AND THIS IS THE BIT THAT I LIKE And, at $30 a barrel for oil, it's pretty lucrative, too.
NOW WHAT IS THE PRICE OF OIL TODAY?
NB:Kelly Erwin is the Owner of Kellco Energy
Now why would Maverick want all the action it could get on the Blue Ridge? maybe $$$$$ and a bit of $$$ and maybe a bit of $$$$$$$ too.
FDM Price at posting:
$1.15 Sentiment: Hold Disclosure: Held
