Most people just pump and complain about gas and oil prices, but rarely think about picking up a piece of the action for themselves. There are all sorts of smaller oil and gas exploration companies taking advantage and watching the cash flow in. Finding the right company for you may prove difficult because there are so many of them, but find the right one and you just may be able to justify that next tank of gas with your profits.
New Century Energy Inc., an oil and gas exploration and development company, operates to discover and develop oil and gas opportunities in Texas. The company operates both onshore and off, with approximately 20,000 onshore acres. Where appropriate, the company carries out a program of adding acreage to its current portfolio – seeing it increase by 3,000 acres in 2007.
The company is currently finding good results from its ongoing drilling operations. Its McMullen Texas property is proving to be a great success, contributing to the company’s bottom line on a consistent, continually flowing basis. June has found yet another new well in Wharton County Texas producing gas and oil at a consistent flow rate of approximately 80 bpd. By the end of June the company expects three more wells to be ready for production.
The company’s proven reserves of 1.6 mb of oil and 3 billion ccf of gas make it ready to drill and produce well into 2009. Its revenue estimates have been based on $85-95 per barrel of oil so revenue is flowing to the expected excitement of management and well owners. Net production has reached 750 barrels of oil and 1.9 million cubic feet of gas per day, with overall revenue to the company rising consistently. If an investor wanted to be in on the oil boom of the present day, this is a company to watch.
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