Xstate Resources Limited (“Xstate” and the “Company”) is undergoing a transition from a pure explorer into a company that provides investors with a portfolio of risk-managed production, development and exploration opportunities onshore, U.S.A. The strategy is targeting low risk exploitation assets that provide investors with a balanced portfolio of projects in proven hydrocarbon basins whilst also increasing exploration exposure in the longer term.
In the near term Xstate is pursuing production acquisition opportunities with top tier operating netbacks and infrastructure facilities to fast track future production growth.
Our main focus is on oil and gas fields onshore California in prolific hydrocarbon basins, fields with large oil in place, development drilling and an experienced operating team.
We believe targeting these asset characteristics, coupled with Xstate’s solid balance sheet, access to capital markets and experienced Board & Management team; Xstate is positioned for significant growth.
Xstate holds a 10% working interest in a small number of producing gas wells and more importantly associated land leases and production and pipeline access equipment in the Sacramento Basin, California. Such assets complement the exploration leases that Xstate has interests in that are interpreted to have world-class Prospective Resource potential.
In addition Xstate has an interest in an Area of Mutual Interest (AMI) covering the northern Sacramento Basin.
Xstate's joint venture interests are the results of re-interpretation of an extensive database of oil and gas well information, including seismic data and published information that reveals a number of attractive drillable conventional sandstone reservoir gas prospects.