Pantheon Resources says that, subsequent to and in connection with the Placing to raise gross proceeds of up to £18.5 million (US$30.2 million) before expenses announced on 30 September 2014, the Joint Venture (JV) has successfully completed the acquisition of leases over 57,009 Net Mineral Acres in Polk and Tyler Counties, East Texas.

As previously announced, the JV undertook an extensive three year regional geological study with the highly respected Bureau of Economic Geology at the University of Texas at Austin.

This study, amongst other things, involved the comprehensive analysis of over 2,500 individual wells, 2,700 miles of seismic data (2D and 3D) and hundreds of well cores. The conclusion from that study was to enable the identification of the key ingredients believed to be required for the successful identification and exploitation of the Woodbine/Eagleford sandstone in East Texas.

Tags: Pantheon Resources