PureSpectrum enters discussions to acquire stake in producing wells
PureSpectrum has entered discussions to partner with a group of private institutional investors to acquire a working and/or overriding interest in producing wells throughout the US, with a focus in Texas, Southeast US and the Midwest.
The joint venture is expected to effect production of 100 barrels of oil per day (bopd) to 250bopd within its first year of operation and allow for streamlined expansion into 2013.
PureSpectrum CEO Cedric Atkinson said the company will be taking part in the increased domestic production boom to satisfy worldwide demand, beginning with territories rich in petroleum products.
"Texas, Alaska, Oklahoma, Wyoming and New Mexico account for nearly half of the total US crude oil reserves; New Mexico, California and federal offshore areas provide most of the remainder," Atkinson said.
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