Falcon acquires oil, gas mineral rights on Texas Gulf Coast

Ray Tyson

Petroleum News Houston correspondent

Exploration and production independent Falcon Natural Gas Corp. has acquired oil and gas minerals rights to 800 acres on the Texas Gulf Coast and is in the process of securing an additional 1,900 acres in the region, the company said June 16.

Falcon said it plans to raise additional capital in order to begin an intense exploration program on the acreage, which is scheduled to begin in the second half of this year.

Falcon’s acreage is located in one of the leading natural gas producing areas of North America and consists of mineral rigs adjacent to large proven deposits. The acreage specifically is located east of the Bob West field with estimated reserves of 1 trillion cubic feet of natural gas, Falcon said. It also is situated close to the Lopeno field, which is expected to produce up to 260 billion cubic feet of gas, the company added.

The deal includes a 100 percent working interest and a 70 percent net revenue interest on the properties Falcon has acquired.

“Based on good quality seismic data and the presence of very large gas fields in the same geographic setting, the reports we have commissioned indicate that the prospect has an excellent potential of becoming a commercial gas field,” said Alan Aitchison, Falcon’s chief executive officer.