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
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Increased boepd
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Producing Gardner Sand Wells
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All Wells Chemically Treated
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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