X-Change to boost investment at East Texas Woodbine Field, develop 16 wells

Ray Tyson

The X-Change Corp., a small exploration and production independent based in Dallas, Texas, said Nov. 30 that due to the successful results of its first rework project on its East Texas Woodbine field in Gregg County, the company intends to develop an additional 16 wells held in inventory.

The initial workover well yielded boosted oil production to 80 barrels from eight barrels per day before settling down to a flow rate of 30 barrels per day without a pump-jack, the company said.

The 16 wells could yield a possible increase of an additional 500 barrels per day, bringing total production levels to more than 1,000 barrels per day by next spring and doubling annual net revenues to $12 million for the project, the company said. Additional investment has been allocated and work is already in progress.