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Ameritex is a privately owned Texas based independent oil and gas exploration company utilizing 3-D seismic technology to generate large reserve exploration opportunities. |
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| The principals of Ameritex founded a privately held production/operating company in late 1982. At that time, the domestic oil and gas industry was going through a difficult transition period as a result of declining prices for petroleum and surplus deliverability of natural gas. With the depressed state of the oil industry and with many companies reducing or eliminating their exploration staff, the company was founded in an environment where high quality drilling prospects generated by third parties were in demand. |
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| By December 31, 1985, the company operated 36 producing wells on leaseholds of over 17,000 acres. The company had an exceptional drilling success rate, with over seventy-five percent (75%) of the wells drilled being successfully completed as producing wells. The largest and most significant prospect developed by the company was located in the A.W.P. (Olmos) Field in McMullen County, Texas on two leaseholds of over 13,000 acres. This prospect was located in the southern part of the field and as of December 31, 1985, the company had drilled 19 productive wells and had an additional 120 development locations in the A.W.P. Field. The assets of the company were sold in 1986. |
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| The principals of Ameritex decided in early 1987 to concentrate their efforts in the prospect generating phase of the business. The utilization of experienced, competent operating companies to operate the majority of Ameritex's properties is an efficient and cost effective method for exploring in diverse drilling environments. This approach allows Ameritex to devote more resources to prospect generation and to special projects, which have included an international exploration venture. |
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| Ameritex was actively involved in the utilization of horizontal drilling technology and innovative geologic theories to test wildcat exploration opportunities. The proving ground for many developments in these disciplines was the Austin Chalk Trend of the Texas Gulf Coast. Approximately seventy percent (70%) of all horizontal wells drilled worldwide are found in this trend. Ameritex has been an active participant in the entire trend, at one point holding interests in approximately 70,000 acres in six different counties and was among the first group of companies to extend the play into East Texas. |
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| The principals of Ameritex have operated and/or participated in the drilling of approximately 310 wells over the past twenty-five (25) years with a sixty-five percent (65%) success rate. |
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In May 1995, Ameritex formed Ameritex Ventures, Ltd. ("AVLtd.") in order to focus its efforts on generating drillable prospects utilizing 3-D seismic technology. Ameritex has acquired 6,200 square miles of 3-D seismic and is continuing to generate additional 3-D seismic prospects. In February 2001, Ameritex entered into a Joint Prospect Development Program with three (3) successful oil and gas companies and continued the Program through 2006. Ameritex is currently generating prospects with internal funding. |
