Fort Worth-based Wheat Energy Partners, founded in 2018, filed permits to drill its first projects in Delaware Basin. Houston Chronicle said Wheat Energy filed permits with Railroad Commission of Texas for four horizontal wells in Reeves County targeting Wolfcamp to total depth of 14,000 feet. The Chronicle said Wheat Energy “is choosing to drill its first wells during a historic oil crash.”
Travis Wheat, CEO, said the company does not plan to drill immediately. Under its leases, Wheat Energy “has a year or more to negotiate prices with service companies or take on partners to develop the wells.” Wheat said the wells could be profitable at $25 per barrel for crude oil.
The Chronicle also reported Denver-based SM Energy plans to drill five horizontal wells in Upton County and three in Martin County targeting Spraberry to total depth of 10,500 feet. And Midland-based Three Span Oil & Gas plans to drill a vertical well in Scurry County to Garden City South field of Wolfcamp.
$25… Wow!