HOUSTON, Jan. 21 /PRNewswire-FirstCall/ -- Signature Exploration and Production Corporation (OTC Bulletin Board : SXLP) today released information about the oil fields surrounding its Koliba Prospect in Victoria County, Texas.
The Placedo, Heyser, McFaddin, Hog Bayou and E. Sheriff fields, which are located in Victoria and Calhoun Counties of South East Texas, have produced approximately 159 million barrels of oil and 1.8 trillion cubic feet of natural gas according to the Texas Railroad Commission's records. Based on current prices of $77.12 Bbls of oil and $5.95 Mcf of gas, the cumulative production of crude oil and natural gas would be valued at approximately $22.8 billion.
"Multi-billion dollar oil and gas production within Victoria and Calhoun Counties makes the Koliba well (which is located in Victoria County) ideal for the Company and our stockholders," Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp., stated. He concluded, "With the land surveys complete, we are moving forward on this exciting prospect which is set to drill in a few weeks."
About the Koliba Prospect:The Koliba Prospect is a 173-acre lease located in the highly productive North McFaddin Field near Bloomington, Texas. The Company has identified 3 target zones at 5,880', 5,350', and 4,930', in the Frio Sands. The Koliba Prospect will be drilled 250 feet from an originally large producing well and is considered a low risk / high reward prospect due to its proximity to previous wells in the prolific Frio interval. Signature Exploration and Production Corp. Signature Exploration and Production Corp. is an independent energy company engaged in the exploration, development, exploitation and acquisition of on-shore oil and natural gas properties in conventional producing areas along the gulf coast of Texas. Management's strategy is to continue making acquisitions of select properties that have been identified as economically attractive, technically and geologically sound and have significant upside potential. Visit www.signatureexploration.com for more information.