Torrent Oil issued permit to redrill North Bayou Jack well
A Houston-based independent oil company is hoping to breathe new life into an old well in the Bayou Jack oil field in southern Avoyelles.
Torrent Oil was given a permit last month to explore a well designated as Indigo Minerals in the north Bayou Jack area. The description indicates it is a redrilling of a well.
Torrent was also issued a permit to drill a well in the Moncrief Field in neighboring St. Landry Parish.
Torrent’s website says its work “is centered around our strategy to reinvigorate assets with new technologies, new people and an entrepreneurial spirit. “We are committed to being responsible in our efforts in producing oil and gas,” he continued. “This includes the safety of not only our employees, but also the people and environment that surround us.”
Torrent’s mission is “value creation through the acquisition and exploitation of challenging, mature, legacy properties.” Which is another way to say they attempt to breathe new life into old wells.
Torrent entered into an agreement with Natural Gas Partners in February 2016 to seek, attain and work wells that still held untapped potential.
Company President/CEO Greg Wachel wrote on the website that Torrent and NGP “believe we are positioned to execute on an exciting business strategy – identifying and acquiring a select group of assets that are undercapitalized and full of potential.
“In our view, this market presents unique opportunities to find and generate great value from under-utilized assets.”