Chestnut Exploration & Production, Inc., a Dallas-based independent oil and natural gas company, announced a 73 percent increase in oil production from September 2013 to September 2014. Chestnut increased operated acreage by 100 percent from 2013 to 2014, including 10,708 additional gross acres under lease. In addition, the company accomplished several key milestones throughout the year, which helped lead the company to success.
“This year has been very successful for Chestnut Exploration & Production, and we attribute our success to the hard work our team has put into helping our company grow and thrive,” said Mark Plummer, founder and chief executive officer of Chestnut Exploration & Production, Inc. “Our talented team has helped lead us to new heights and we look forward to achieving our goals for the coming year.”
In the first half of the year, Chestnut Exploration & Production completed the Cherokee #1 JV well in Cherokee County, Texas at a gross initial production rate of 918,000 cubic feet of natural gas and 14 barrels of condensate, or light petroleum crude oil, per day.
Later, Chestnut Exploration & Production celebrated its 20th anniversary of business. The company has grown from a $20,000 investment and single man operation into a multidisciplinary organization with more than 40 employees who oversee each phase of oil and gas exploration and production while maintaining an independent outlook.
The company also acquired the Willamar West Unit in Willacy County, Texas, which increased the company’s oil production by 91 percent. The acquisition of the field, which produces from the Gulf Coast Basin, included 37 wellbores, of which there were 17 producers, 14 shut-ins and six injection wells.
Chestnut Exploration & Production was named to the Inc. 5000 list as one of America’s Fastest-Growing Private Companies by Inc. Magazine.
About Chestnut Exploration & Production, Inc.
Chestnut Exploration & Production, Inc. is a licensed and bonded oil and natural gas operating and development company with operations in Texas, Louisiana, and New Mexico. Chestnut’s mission is to use advanced science and geological techniques to maximize the value of its projects. Chestnut’s experts have decades of experience and are trained in all aspects of the energy business.
