Surge Global Energy will immediately concentrate its efforts on established oil and gas fields in west Texas.
Surge Global Energy is currently engaging with our partner to bring into production over 70,000 acres in the Permian Basin in West Texas in Pecos County. Shallow Drilling/mineral rights are fully secured for the entire project and Deep drilling rights are secured for half. The current strategy is to focus on the shallow drilling to keep costs down and to bring the project to a self-financing position. 10 wells have been completed and are waiting for the gas pipeline to be finished so they can be produced.
The project consists of several leases, all secured and which are contiguous. The current strategy is to drill the shallow drilling rights with the target formations being the Queens and Grayburg formations at about 2,000-4,000 feet and expand to the deep drilling rights based on financing and production and need.