Texas Allied Petroleum New Acquisitions

Anthony Black, president and CEO of Texas Allied Petroleum has been involved in the exploration, development and production of oil and natural gas reserves in Texas, Oklahoma, Louisiana, Kansas and Wyoming area. TAP is headquartered in Austin, Texas and has been in the business since November 2005. The company is currently producing over 500,000 cubic feet of natural gas per day.

Texas Allied Petroleum recently announced its acquisition of additional interest in the Main Pass 35 project which is made up of 15 wells offshore. The Main Pass 35 project in Plaquemines Parish, Louisiana had been producing 150 barrels of oil per day prior to being shut down in the wake of Hurricane Katrina. While the wells were undamaged in the hurricane, the processing facility suffered significant damage and was being repaired. As of 2007, its net proved developed nonproducing reserves were 109,000 barrels of oil and total proved reserves were 162,000 barrels of oil and 54 million cubic feet of gas. Aside from this agreement, TAP has also recently completed the drilling and testing of the well-known Wilson/Todd well in Coffee County, Kansas. Due to the company’s success with shallow exploration, they had also added acquisitions of assets with existing productions as an avenue for growth for the company. They focus on fields with significant turnover potential to increase their ROI. They also look for assets with drillable PUD locations as these types of assets increase their drillable inventory and decrease their lease acquisition costs.