DRILLING COULD INCREASE IN GIDDINGS
Officials in Lee County believe the acquisition of an oil company with producing wells in Giddings could boost drilling activity.
In a deal set to close in the near future, Magnolia Oil & Gas will pay EnterVest $2.6-billion for all its South Texas assets—including 345,000 acres in the Giddings Field, with potential in the Austin Chalk formation.
Officials believe, due to a migration from the Austin Chalk, this could result in an increase of millions of more barrels of oil.
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