BURLESON COUNTY PLEASED WITH INCREASE IN DRILLING PERMITS

  

Burleson County welcomed an increase in new oil well permits for the county by the Texas Railroad Commission, which issued 15 new oil well permits in November.

There is a wait and see approach by local producers to see if the recent drop in oil prices could lead to a short term production decrease.

The Commission reported that most of the state’s oil came from the Eagle Ford Shale and West Texas’ Permian Basin, and their crude oil production accounts for 57 percent of Texas’ statewide total crude oil production, which accounts for 14 percent of the total annual U.S. oil production.

Ben Flencher, a local banker and president of the Burleson County Economic Development Council is encouraged by the new drilling permits and hopes that people will see the oil and gas benefits when the tax valuation goes up and tax rates can come down.

Flencher is unsure how the lower oil prices will impact the larger, publicly traded companies, which have to satisfy their shareholders. There is also concern on how lower oil prices will affect the rig count.

He says that companies might cut back, “but they have these leases that will have to be drilled or they will expire."

 

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