Silverton Energy Announces Major Stake in Walnut Bend Oil Field
Deal News | Feb 13, 2025 | EIN
Silverton Energy Inc. (SLTN), alongside its subsidiary SLTN Exploration, has announced the acquisition of a 10.875% working interest in 110 active oil wells located within the Walnut Bend oil field in Cooke County, Texas. The $2.4 million transaction aims for SLTN to syndicate 90% of its working interest. The Walnut Bend Field has been in operation for over 50 years using advanced extraction techniques, producing over 420 barrels daily. Sydri Operating, a long-established entity, manages these wells. The Walnut Bend Field is characterized by its multi-pay formations and modern water-handling facilities that ensure sustainable production. Thomas Tapia, COO of SLTN, highlighted the advanced recovery methods the field employs while CEO Sam Smith expressed optimism in the long-term value SLTN's new investment could bring. However, the press release marks these statements as forward-looking, emphasizing risks and uncertainties.
Sectors
- Energy
- Oil & Gas
- Investments
Geography
- United States – The center of the acquisition and operations is based in the state of Texas.
- Texas – The Walnut Bend oil field, a key focus of the acquisition, is located in Cooke County, Texas.
Industry
- Energy – The article discusses Silverton Energy's acquisition in the oil industry, focusing on oil field operations and production.
- Oil & Gas – The focus is on oil wells and production, specifically in the Walnut Bend oil field which is a long-standing source of oil and gas extraction.
- Investments – Silverton Energy is entering an investment deal involving acquisition and syndication of working interest in an oil field.
Financials
- $2.4 million – The transaction value for acquiring a 10.875% working interest in the Walnut Bend oil field.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Silverton Energy Inc. | Bidding Company | Company | Silverton Energy is the company acquiring a working interest in the oil wells. |
| SLTN Exploration | Subsidiary | Company | Subsidiary of Silverton Energy involved in the acquisition. |
| Sydri Operating | Operator | Company | Manages the day-to-day operations of the Walnut Bend oil wells. |
| Thomas Tapia | Chief Operating Officer | Person | COO of Silverton Energy and SLTN Exploration. |
| Sam Smith | Chief Executive Officer | Person | CEO of Silverton Energy. |