Harbor Services Project
Blackstone entered into negotiations to form a Strategic Alliance with Harbor Services, LLC, an Oklahoma based oil & gas company and operator. While a final agreement is not yet in place, both parties are pursuing potential Joint Venture acquisitions in Texas and/or Oklahoma, to acquire existing oil & gas wells for current production, increase production by re-working idle wells needing repair, and potentially drilling new wells. The Alliance objective is to increase the value of existing Harbor Services assets of up to 40-50 wells. These wells currently produce approximately 35 barrels of oil per day and 760 MCF Natural Gas. With existing infrastructure already in place; investment into improving operations and technologies is forecasted to bring significant increased production and accelerated value in the assets. Blackstone/ Pacifoco goal is to contract with Harbor to purchase up to a 50% Working Interest in the 40-50 Harbor wells. Acquisition costs to Company are estimated to be in $1-2 Million range and possibly up to an additional $1 Million to build up and improve infrastructure. Andrew Magness, owner and CEO of Harbor Services, has over 25 years experience in the oil & gas industry as an owner and Senior Executive. Mr. Magness owns/operates over 50 wells in Oklahoma and Texas and currently is a consultant to Blackstone.
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