LEXINGTON, Kentucky -- VHGI Energy reports acquiring 1,280 contiguous acres in the High Island area as the result of a Texas State Waters lease program. Gulf Coast Exploitation was the successful bidder at $506,400 and has assigned the leases to VHGI.
The acreage has a structural feature adjacent to the High Island 60 field, VHGI says. That field has produced 3 MMbbl of oil to date.
VHGI says it has not yet determined whether to farm out drilling or to raise its own capital for exploration.