Thursday, July 26, 2007
Las Colinas-based Giant Petroleum discovers new source for oil in West Texas
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LAS COLINAS — Giant Petroleum, Inc. announced the discovery of oil in a new field in the Marfa Basin of West Texas. The successful Giant-Lykes DPW #1C discovery well is located 35 miles south of Alpine, Texas.
"Due to the geologic success of the first well, we are planning to move forward and aggressively develop our relatively large acreage positions in Presidio and Brewster Counties," President of Giant Petroleum, Inc., Chris Plunkett said.
Photo not provided by Giant Petroleum
Giant Petroleum gives new meaning to the term "Big Oil"
The confirmation of the new discovery came by electric logging which established the presence of abundant hydrocarbons within the target formation along with other unexpected, yet potentially productive horizons. A hydrocarbon, as its names suggests, is comprised of hydrogen and carbon and is easily found in crude oil.
The Giant-Lykes DPW #1C oil well is scheduled for completion in the upcoming weeks and is just one of many projects that Giant Petroleum, Inc. has planned in West Texas.
"Giant Petroleum is a small but growing company in a unique position to be a leader in this little-explored part of the country,” Chief Operations Officer, Giant Petroleum, Inc., Wes Harris, said. "We feel the timing is right and the technology is now there to exploit these virtually untapped reserves. This is absolutely necessary as we strive to decrease our dependence on foreign oil."
Giant Petroleum, Inc., located in Las Colinas, is a private company formed for the purpose of developing prime oil and gas properties.
Source: Giant Petroleum
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