Based in Bel Air, California, Emvelco is an emerging company focused on oil and natural gas exploration and development. Started in 2008, their principal strategy is to acquire rights to drill key land positions in major oil and natural gas basins, which have large, seismically-defined prospects near existing significant oil or gas production.
Emvelco acquired rights to drill at least 86 wells in Crocket County TX. These are infield drilling wells with negligible “dry hole” risk. 48 of the well locations are already classified as “proved undeveloped” or “PUD” by independent engineers – which means they should provide an opportunity for gas extraction. Four of these wells will begin drilling and be put into production if they are successful. Emvelco has engaged the experienced operating company, Ozona, to perform the drilling and set up operations.
Emvelco opened down today from yesterday’s close at its 52 week high of $2.00. Today’s trading range has been $1.15 to $1.50 on volume of 2,500 shares. Emvelco’s 52 week range is $.40 to $2.00.
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