PRESS RELEASE

Pro Energy LLC. has made an agreement on behalf of its West Texas Multi-Well Production Package Joint Venture,to purchase a 59 well, and multiple lease package in Pecos, Ward, and Crane Counties in Texas. The exact terms of the agreement are undisclosed, but the agreement includes a package of 36 active wells and 59 total wells currently operated by Incline Energy out of Midland, Texas.  A review of the sales from the Texas Railroad Commission shows a total of 19,909 barrels of crude oil and 179,326 million cubic foot of natural gas production between August 2022 to July 2023.  

 

“We were very lucky to be approached with this opportunity. It will be exciting to watch as we bring forth what we see as immense potential of these leases” said a Pro Energy representative. “It is our belief that we should realize a 28 to 35% increase in production within just the next 6-12 months.”

 

Bill Graham the President of Incline Energy stated his reason for selling was that it was time to retire. “This has always been a family-owned business, and both my brothers and I are to the age that is just time to liquidate and sell.” Graham noted that most of the assets we acquired in 1996. “We have never used venture capital, but always operated off of our own funds, and we just do not have the capital to build this any further. This needs to go to someone that has the working capital to first buy the assets, and then invest into their improvement. These properties have an incredible potential.”

 

Pro Energy states that it has a strategic plan, in partnership with NEC Operating out of Southlake Texas, and operating budget for improvements, repairs, and recompletions that they believe will triple the value of this holding within 36 months.