Watertown-based Stratex Oil & Gas Holdings, Inc. has purchased a 64 percent working interest in a 60-acre Texas oil field for stock and $308,000 in cash.
Stratex bought into the Jeffrey Lease in Callahan County, Texas to conduct various drilling, workover, and completion activities on the property.
The lease currently includes five wells, of which one is active but shut. Three of the other are capable of being turned back into producing wells.
The property has produced continuously since the 1950s, mining in excess of 200,000 barrels of oils to date.
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The acquisition expands Stratex’s core operating areas out of its current locations in Colorado, Montana, and North Dakota.
