The year 2020 has been a joke for many. However, Val Verde County could be home to one of the largest natural gas finds in Texas during the cursed Corona year.
Barron Petroleum, is a company that had its own share of bad luck in 2020, laying off 100 of 120 employees when the oil and gas market cratered. Their luck has turned, as they found a field that may hold 74.2 million barrels in oil and gas reserves. This could turn Barron Petroleum’s fortunes around, as well as the region’s as this project will be a multi-billion dollar project.
Thursday night, Barron Petroleum’s CEO Manjit (Roger) Sahota said the company successfully drilled two oil wells in the 13,000 acres they own oil and gas rights on. Sahota says they plan to drill about 60 more wells there over the next several years.
Sahota said this will have a huge impact on the region.“ We will be close to Del Rio and Ozona. Both towns can be oil towns, and there will be a direct and an indirect impact.”
Sahota said the employment opportunities will be aplenty. “We will need people to run oil and gas wells, truck drivers to pick up the water, pick up the gas and pumpers to make sure everything is working every day.”
Sahota said the future is very bright for this project and the economic impact has already been felt.
The only thing stopping the project right now is money. “It will cost a lot of money to develop this thing. We have put in over $40 million developing it. We are looking to find a partner, joint venturer or banker but we are ready to go. It could be within six months,” Sahota said.
He added that Barron Petroleum has a record of getting involved in the communities they are in. “We are looking forward to getting involved in Del Rio and helping develop this city,” Sahota said.
