CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / April 8, 2020 / Nexera Energy Inc. (NGY.V) (the "Company" or "Nexera") reported that the Company has commenced operations on the recently acquired Lerma lease near LaVernia, Texas. The Lerma lease is owned 100% by Nexera, and is one of the 30 leases acquired by the Company in the acquisition announced on February 3, 2020.
There are three existing wells on the lease, Lerma #1, Lerma #2, and Lerma #3. The Company has begun flowing the #2 well from the Austin Chalk formation at approximately 5,000 feet deep to determine if lifting equipment will be required to increase or optimize production. The #1 and #3 wells were originally Austin Chalk producers and the Company is now in the process of evaluating the up-hole potential of both wells in the Anacocho, Poth, and Navarro formations.
Furthermore, Nexera has completed an extensive geologic and geophysical review, and has identified a location on the lease to drill a new short radius horizontal well in the Austin Chalk formation at approximately 5,000 feet deep.
Shelby Beattie, President and CEO of Nexera commented: "The potential of the Lerma lease was one of the primary reasons for acquiring the LaVernia assets earlier this year. Since acquiring the lease we have been working on plans to optimize the potential of the three existing wells. More importantly, we brought a new geophysicist into our technical team in February, and we have spent the past two months evaluating the lease to target a potential high impact Austin Chalk well. We have now chosen the location for a new short radius horizontal well to be drilled into the Austin Chalk."
About Nexera Energy Inc.
Nexera Energy Inc. (TSX Venture: NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
For further information, please contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Nexera Energy Inc.
View source version on accesswire.com: