The modern oil and gas industry evolved from the discovery of Spindletop Field just south of Beaumont, Texas in the early 1900s. Since then, Texas has proven to possess world class oil and gas reservoirs. With approximately 50 TCF (trillion cubic feet) of gas and 4.6 BBO (billion barrels) of oil, Texas ranks as number one for proved natural gas reserves and number two for proved crude oil reserves in the USA.

Osyka currently operates two fields in Texas, Lolita Field in Jackson County and Sheriff Field in Calhoun County. Both of these fields produce from the Oligocene and account for just under 25% of Osyka’s proved reserves. The majority of our current production is from the Frio interval. Texas Gulf Coast Frio has been a rich source of hydrocarbons producing approximately 729 MMBO (million barrels of oil) and 26 TCF of gas to date.

Osyka’s near term projects include workovers, optimizations, in-fill development drilling and new pool tests. A key component to development potential is the presence of low resisitivity pay zones. Recent success revealed that historically perceived non-productive sands actually are hydrocarbon bearing and commercially viable. Strategically, shallow exploitation opportunities exist in the Miocene as well as deeper pool tests in the Yegua and Wilcox trends. These projects have the potential of increasing our Texas proved reserves by over 90%.