The United States is not only the leading oil and natural gas consuming nation on the planet, we’re also one of the largest producers of both commodities. In fact, the United States’ current oil production, far outstrips any other time in our history. Now is the best time to be in the oil and gas industry. But despite this amazing opportunity, there are still myriad overlooked wells just waiting for South Plains Petroleum to acquire and redevelop.
South Plains Petroleum aims to bring as many oil and natural gas projects online as possible, first from our existing reserves in Louisiana and Texas, but then through further acquisition. While we are more of a development company, rather than an exploration company, we currently contract with a team of geologists to re-survey abandoned wells. We are always looking for new places to expand.
South Plains Petroleum is one of the few companies to operate with this approach in the United States and because of that, we have nearly unfettered access to wells in these decrepit states. These under performing and abandoned wells are burdens on the companies that own them, both financially and physically. That’s why, with little competition in this area, we can make outstanding acquisitions to the point that in some instances, they give us the wells for simply accepting the plugging liabilities.
South Plains Petroleum already owns substantial known oil and gas reserves that are partially developed and can be turned on with little cost. These wells are currently located in Louisiana and West Central Texas.