Texas Code would allow one Operator to be nominated owner of all
Abandoned wells in the state of Texas.
The PANDA technology significantly reduces the cost of plugging wells,
thereby mitigating what would otherwise be a significant liability.
With current production technology (i.e., mini-fracks, behind-the-pipe
imaging, etc.) every other abandoned well can be brought back to life, with
average production of 25 barrels per day equivalent.
Texas University Lands, with mineral right ownership of more than 2.0 million
acres, would be an ideal first candidate because mineral right ownership is
perfected.
