Permian Basin Assets
Willowbend & Millican
Wedgemount is focused on creating sustainable value for shareholders through the development and optimization of distressed and undercapitalized assets throughout Central Texas. The Company’s subsidiary, Wedgemount Texas Corp. has established a new core position on the Eastern Shelf of the Permian Basin with the recent acquisitions of the Willowbend and Millican leases.
- Location: Runnels Country, Texas
- 12 vertical wells including 11 producers and one injector.
- All production from 4200ft. Gardner Zone – premium priced 42 API light oil and associated natural gas
- Low cost workovers and chemical treatments have significant potential for organic production growth
- Asset acquired January 1, 2023 – Q4 2022 avg production 25 boepd, increased to 104 boepd after initial three well treatments at <$1000 per flowing barrel.
- Limited primary recovery to date
- Potential for high value waterflood/EOR to enhance reserve life and increase production
- Multiple up hole bypassed zones for further development potential
Producing Gardner Sand Wells
All Wells Chemically Treated
Water Injector well
- Core acreage position in Runnels County allows for operational synergies with Willowbend asset
- Multiple bypassed pay zones of interest for future development locations.
- Asset Acquired March 31, 2023 – 8 producing Gardner sand vertical wells over 2000 acres
- Purchase metrics $17,500k per flowing barrel
- Work Program: all eight wells chemically treated first week April 2023 – estimated restart April 9/10 – updated post-chemical production numbers 3rd week of April
- Potential for significant increase in oil & natural gas production with simple surface infrastructure improvements and well treatments