The business of Texas Allied Petroleum is in the exploration, development and production of oil and natural gas reserves in the Texas Gulf Coast area, as well as in the mid-continent and Louisiana state waters. The company has numerous producing assets in Texas, Kansas, Wyoming, Oklahoma and Louisiana. The company’s primary drilling focus is low to mid-risk opportunities from 1,000’ to 10,000’. Their current objective is to achieve a mix of natural gas and oil production as this creates a more consistent revenue stream for the company.
The price of crude oil above $100 a barrel has created more than a few attractive prospects for plays in the oil market as companies operating in the industry restart or begins production in fields that are expensive to work to ensure profit. Texas Allied Petroleum or TAP announced that the company’s reworking on fields situated in Wyoming was successful and is taking out 100 barrels of oil everyday from the Herrick, Cooper Cove, and Little Laramie Fields. Data released by Baker Hughes Inc. showed that the number of rigs drilling for oil in the US today is almost the same as those drilling for natural gas for the first time since 1995. On the other hand, natural gas prices have remained low and may stay so in the US since crashing in the second half of 2008. This is amidst the ample supply and breakthroughs in the drilling of major shale fields, and the price of natural gas has been steadily rising in Europe over the same period.
