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Toronto – TheNewswire - April 21st, 2023 - Kalkee Energy Ltd, (“Kalkee”) a newly formed oil and gas exploration and development Company and a recent entry into the oil and gas sector, is pleased to announce that it has acquired Texas based Estacado Energy LLC (“Estacado”) for a total of US$500,000 and 500,000 common shares. Based in Plano, Texas, Estacado is an oil and gas developer and operator that owns the Piave and TCSL leases in the Throckmorton County of Central West Texas. The two leases cover a combined area no less than 475 acres and have at least 15 establish shallow wells and 3 water injection sites available along with a minimum package of 12 new well sites to be drilled.
These leases cover areas of the Tannehill and Strawn formation and the producing oil bearing zones are interpreted to be lenticular in nature. There is a historical non compliant 1.8 million BBL resource that was calculated in 2019. The current operating wells draw oil from shallow depths of approximately 700ft and have been producing for more than 60 years. Both leases have been on care and maintenance and have seen minimal production for the past 8 years due to periods of low industry investment and the Covid pandemic. Kalkee began a work-over on the Piave No #1 well in January this year in order to bring the Piave lease back into production, as Piave #1 Well was the original discovery Well on the property back in 2006. The Well now awaits a light Fract and further evaluation work that will be completed in the coming months.
Kalkee Energy also announces that it has acquired the mineral rights for oil and gas exploration across 260,000 acres of untested land in the Terrell County, Texas. The project is known as the Company’s Red Horse “Wildcat” Project. The area lies to the south of the Permian basin within the Marathon fault complex and the Company believes it to be highly prospective of for oil and gas.
About Kalkee Energy Ltd
Kalkee Energy Ltd is a new private oil and gas development Company based in Toronto Canada with assets in Texas and a focus on developing oil and gas assets in Western USA. Kalkee’s management, Board of Directors and consultants are seasoned resource professionals with proven successful track records.
For further details and inquiries please contact
Martin Walter
Chief Executive Officer
Kalkee Energy Ltd
Tel: 416 3895692 www.kalkeeenergy.com
Statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Kalkee’s current belief or assumptions as to the outcome and timing of such future events. However Actual future results may differ materially and there can be no assurance that any conclusions or forecasts will prove to be accurate
We seek safe harbor.
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