PRI’s projects include Somerset, Taylor-Ina and Chicon Lake.
- In June 2017, Emerald Bay increased its interest in Production Resources Inc. (“PRI”) from 10% to 75% by acquiring Tire Oil & Gas’ 65% interest
- PRI has its own field operating equipment, including two service rigs, which gives PRI the ability to maintain efficient operations and control costs effectively
- Emerald Bay purchased a cement pumping rig and a cement bulk rig on behalf of PRI to cement and plug shallow wells in South Texas. This will give PRI the ability to cement EBY wells and give Emerald Bay a significant advantage over competition.
- “Stacked” zones of interest: Escondido, Olmos, Anacacho
- PRI’s main assets are shallow oil wells producing from the Anacocho, Olmos, and Escondido formations in the Somerset and Taylor-Ina fields
- Provides the Company with low-risk “oil” targets
- 60 + “in-fill” drilling targets
- Management has extensive experience in the area
- Excellent geologic control with year around access to drilling locations
- Long life reserves (20+ years)
- Excellent secondary recovery opportunity in the future
- Optimizing current production while putting plans in place to drill new wells
- > 60 surveyed drilling locations for future development