Patriot Energy, Inc., a Dallas-based oil and gas company, announces a new prospect in the Permian Basin of west Texas. The 'Thoroughbred #1' extends production on 3,600 leased acres strategically located in the Permian Basin, with expected intersection of the prolific Wolfcamp and Sprayberry shale formations.
'We feel oil prices are forming a bottom and are poised to increase soon,' said Michael Miller, Patriot Energy's President. 'The long-term macro trend is definitely bullish for oil, and we're positioned in the premier legacy oil play in the United States. The economics of these wells make sense here, with lots of room on the upside,' Miller added.