Helping to Restore America’s Energy Independence by Maximizing Production in Proven Domestic Oil Fields
Payson Petroleum is privately held owner-operator and asset management company specializing in developmental drilling, drilling and completion operations, and strategic long range planning. Our specific focus is revitalizing older oil fields using the technologies available today. As of second quarter 2013, we have invested in 50+ wells that have combined to produce over 1,000,000 barrels of oil.
Our current area of operations is the North Perrin Field in Grayson County, which is located along the Red River in North Texas. According to production reports filed with the Texas Railroad Commission, Grayson County is a prolific oil and gas-producing county with over 3,200 total wells drilled. Dozens of wells have been drilled in the Perrin Field alone since its discovery in the 1950’s. Today, technological advances in drilling and completion techniques are driving additional production in Grayson County. This includes added production potential from both left-behind sources and newly developed oil reserves. In addition, with at least seven potentially productive zones, production reports from existing wells demonstrate that the Perrin Field is a good candidate for vertical and horizontal drilling.
According to the Wall Street Journal, Texas has doubled its oil output since 2005. Texas now produces nearly two million barrels of oil a day, making Texas’ oil production more than the four next-largest producing states’ production combined. Payson Petroleum is proud to be a part of this growth.