Texas Energy Group, LLC (TEG) and its affiliate operating company, Resaca Resources, LLC announce for the second time in the last quarter a 3D joint venture relationship with a long standing privately held oil and gas company in Texas.
“We have just signed our second joint venture agreement which will provide us with an additional 3D seismic database containing information from very prolific oil areas throughout Texas. We have created strong relationships by leveraging our technical staff who has extensive history in areas that these agreements are being made” stated Waylan Johnson, President of TEG. He further commented,“TEG is continuing their commitment to conventional plays in older fields and by doing so we are keeping our exploration cost lower than most exploration companies competing in the typical, shale/resource plays.”
TEG has identified about 20 shallow oil plays to be drilled over the next year.
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