Sonterra Resources, Inc on its New Contract Operating Agreement
Sonterra Resources, Inc and South Texas Oil Company, Sonterra Resources, with South Texas acting as contract operator, has spudded and is currently drilling below 5,000 feet total vertical depth (TVD) in the ST 127 Unit Well No. l under the new contract operating agreement. This well is the initial well in the Sydney/150 Deep Prospect in Texas state waters in Matagorda Bay, which is located offshore of Calhoun County, Texas, and is designed to encounter several formations believed to be prospective of oil and gas at depths of between 8,500 and 12,000 TVD. The Sydney/Deep 150 Prospect is one of four joint exploratory prospects in Sonterra’s Matagorda Bay Drilling Program, which targets resources in excess of 100 BCFE.
The concurrent execution of the new contract operating agreement and termination of the prior contract operating agreement coincides with the management transitions at the two companies as of the Effective Date whereby Michael Pawelek, Wayne Psencik, and Sherry Spurlock resigned as CEO/President, Vice President of Operations, and Chief Financial Officer, respectively, of Sonterra Resources, Inc. to assume corresponding positions with South Texas Oil Company. The new Sonterra Management Team appointed as of the Effective Date consists of Donald Vandenberg, Gary Lancaster, and Donald Sebastian, who serve as CEO/President, Vice President and Chief Legal Officer, and Vice President and Chief Financial Officer of Sonterra, respectively.
Sonterra Resources, Inc. is an independent oil and gas exploration and production company based in Houston, Texas that is primarily engaged in the acquisition, exploration and development of oil and gas properties in the Louisiana and Texas Gulf Coast region.
