Critics of Houston-based company say county's draft ordinance pivotal in decision
10/9/2008 - 10/10/08
"Tecton Energy, the Houston-based company that applied for permits to drill in the Galisteo Basin last winter, might be trying to sell its mineral leases in the area.
Last week, Meagher Oil and Gas Properties Inc., a divestiture firm serving the industry, began listing Tecton's leases on more than 100,000 acres in the Albuquerque Basin and 75,000 acres in the Santa Fe Hagen Embayment, which includes the Galisteo area.
William Dirks, president of Tecton, said the company has been "seeking investors to join us in this basin since 2006." The company isn't necessarily backing out of New Mexico. "We are looking for a potential partner who wants to invest their (own) capital to continue the drilling opportunities," he said.
But Julia Foster of Meagher in Denver said, "They're looking to sell the property."'
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Tecton Energy leased mineral rights for oil and gas exploration of 75,000 acres in Santa Fe County. Tecton has listed these and other acres with Meagher Oil and Gas Properties, Inc. for divestiture. How will the next oil and gas speculators address the Santa Fe County Oil and Gas Ordinance?
Last week, Meagher Oil and Gas Properties Inc., a divestiture firm serving the industry, began listing Tecton's leases on more than 100,000 acres in the Albuquerque Basin and 75,000 acres in the Santa Fe Hagen Embayment, which includes the Galisteo area.
William Dirks, president of Tecton, said the company has been "seeking investors to join us in this basin since 2006." The company isn't necessarily backing out of New Mexico. "We are looking for a potential partner who wants to invest their (own) capital to continue the drilling opportunities," he said.
But Julia Foster of Meagher in Denver said, "They're looking to sell the property."'
More>>>>
Tecton Energy leased mineral rights for oil and gas exploration of 75,000 acres in Santa Fe County. Tecton has listed these and other acres with Meagher Oil and Gas Properties, Inc. for divestiture. How will the next oil and gas speculators address the Santa Fe County Oil and Gas Ordinance?
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