San Antonio Oil Developer Expands in South Texas

A San Antonio-based oil and gas developer has announced an acquisition in South Texas.

Millennium PetroCapital Corporation has marked the start of several future projects with the acquisition of two different properties in South Texas – Flowella Field in Brooks County and McCampbell Field in Aransas County, according to a news release.

Flowella Field is about 10 miles east of Falfurrias, Texas and was originally developed in the 1990s by Coastal Corporation, an energy and petroleum products company that later merged with El Paso Corporation.

Coastal’s records on the property offer insights into the seismic data, well logs, lease documents and technical archives – all pieces of information the company said will guide its redevelopment efforts.

Together, both properties include dozens of wellbores across approximately 4,000 acres. A wellbore is a hole drilled to aid operators in the exploration of oil and gas.

This acreage also includes producing wells and wells with redevelopment potential.

Millennium holds an 80% working interest in acquired assets, and the remaining 20% is shared by the Bulverde-based Texron Operating, which Millennium holds a partnership with.

Operations at Flowella Field have been led by Millennium since Oct. 1, when the company was administered the role of operator of record.

Millennium plans to offer private and institutional partners the opportunity to acquire up to a 75% position in the project, which would secure the capital needed to restore and optimize production.

The company has also secured the option to acquire the 9,500-acre Cage Ranch Field and the smaller Miller Field in Brooks County. If these are secured, the oil and gas developer will expand its footprint by 14,000 acres and over 40 wellbores.

By leveraging its expertise and strong partnerships, initiatives like the Flowella Field redevelopment aim to restore the field’s full production capacity while creating significant value for its participants, Millennium said in a press release.

Millennium anticipates the property to be rehabilitated by the end of the first quarter of 2025.

As reported by the San Antonio Business Journal.