One-Page Deal Sheet
Paxton Energy Acquires Shallow Gulf of Mexico Property
Paxton Energy Inc. Montecito Offshore, Llc
Announced Date
March 30,2011
Close Date
May 10,2011
Transaction Type
Property
Asset/Basin:
{"Gulf of Mexico"}
Net Acres
% Oil:
PV-10 ($MM)
Transaction Details: Subscribe to see
Paxton Energy, Inc. , an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, announces that on March 28, 2011, Paxton entered into a definitive agreement with Montecito Offshore, LLC (“Montecito”) of Louisiana to acquire a 70% working interest in 546.875 acres in the Vermilion 179 (VM 179) track. Located in the shallow waters of the Gulf of Mexico offshore from Louisiana, VM 179 is adjacent to Exxon’s VM 164 #A9 well, which is currently producing 2,500 BOPD (barrels of oil per day). Based on Internal Engineering…
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