Grand Gulf acquired a 50% stake in 1,075 gross acres of Eagle Ford shale in a joint venture with private company Maio Investments (50%) in January 2018.
This week online sales agent, PetroDip, announced both Grand Gulf and Maio Investments had put their acreage in the Burleson Country on the market, calling for expressions of interest from potential buyers.
The acreage up for grabs is roughly 1.6km from successful wells drilled in the Eagle Ford which have recorded initial flowing rates of around 860 barrels of oil per day.
"Indicative reserves are 500,000 barrels of oil per well, proving the area is economically viable," Petrodip said.
The leases carry a 25% royalty burden and are extendable until the fourth quarter of 2022.
APOLOGY:
Energy News Bulletin published this story stating that Grand Gulf had entered into administration in October. This was factually incorrect.
