To learn the latest about Laredo
Energy, click on the news release below.
In December 2003, Laredo Energy acquired producing properties and acreage from ChevronTexaco in Jim Hogg and Webb Counties, Texas. The properties included operated interests in 50 wells with gross production of approximately 7 MMcfe per day and over 10,000 acres of leases. The Company has identified numerous behind pipe and drilling opportunities to enhance the current production and expects additional benefits and operating efficiencies through its existing base of operations in Zapata County. The acquired areas fit strategically with the goals of the Company to drill and exploit in the prolific Lobo Trend Area of South Texas.
On October 31, 2003, Laredo Energy and certain of their working interest partners sold a portion of their producing and undeveloped properties to Chesapeake Energy Corporation for $200 million.
Production at the time of the sale was approximately 30 MMcfe per day. The properties are located in Zapata County portion of the South Texas Lobo Trend. Chesapeake (according to press releases) announced that they acquired an estimated 196 Bcfe of reserves, of which 108 Bcfe are proved and 88 Bcfe are possible or probable.
Laredo Energy retained a significant acreage position and 3D seismic inventory in the Lobo Trend.
Have questions about Laredo
Energy, want to schedule an interview, need a press kit? Contact
Debbie Janish at (713) 600-6000.
