DCRC Project
- Located in Duval County, Texas
- 5 leases totaling 896 acres in the Piedre Lumbre and Petrox-Government Wells fields
- HugoCellR owns 100% of the DCRC project, with Nexera as the operator and retaining a 10% after payout interest
- Oil major owns the surface and deeper mineral rights on the lands, while HugoCellR and Nexera own the shallow rights to depths just below the Mirando Sand (approx. 2,600 ft) to the surface
- DCRC properties were acquired in August 2019 and began operations in September 2019
- Development has taken place primarily on the 320 acre “E” lease which is estimated to have the potential of 300 – 400 bopd
- The five wells drilled to date at DCRC are now producing 73 bbls/day of oil, and Nexera has surveyed 11 additional locations for future drilling
