Finding Value
Where Others Stop Looking

The Eagle Ford Shale is one of the largest single oil and gas developments in Texas history, spanning 400 miles from the Texas-Mexico border northeast toward East Texas — roughly 50 miles wide and averaging 250 feet thick at depths of 4,000–12,000 feet. Its high carbonate content (up to 70%) makes it highly responsive to hydraulic fracturing. Three distinct windows — oil, condensate, and dry gas — allow operators to target production based on commodity economics.

The Austin Chalk overlies the Eagle Ford and has been a productive conventional and semi-conventional play since the 1970s across South and East Texas. Naturally fractured zones create high-IP wells in certain trend corridors. The Buda Lime, directly underlying the Eagle Ford, is a carbonate platform reservoir that has seen renewed horizontal development interest as operators delineate stacked pay potential in the same South Texas acreage positions.

The Barnett Shale, located in the Bend Arch–Fort Worth Basin, is the formation that launched the American shale revolution. Covering 5,000 square miles across at least 17 North Texas counties — with core production in Denton, Johnson, Tarrant, and Wise counties — it is the largest natural gas field in Texas. At depths of 6,000–8,000 feet, the organic-rich Mississippian-age shale carries 4–5% total organic carbon. With limited new drilling but a massive installed base of mature producing wells, the Barnett represents a compelling PDP revitalization and artificial lift optimization opportunity.

The broader Bend Arch area of North-Central Texas hosts conventional Pennsylvanian and Mississippian carbonate and clastic plays that pre-date the shale era. Many mature fields in this trend feature established PDP production with underoptimized artificial lift, casing programs, and workover candidates — directly in Terlingua's operational sweet spot. The Caddo limestone, Marble Falls, and Strawn formations have produced oil and gas from vertical wells for decades.

The Haynesville/Bossier Shale is a massive dry natural gas formation straddling East Texas and Northwest Louisiana — the third-largest natural gas producing region in the United States. The Upper Jurassic-age shale lies at true vertical depths of 10,000–14,000 feet, making it among the deepest shale plays in North America. High initial production rates driven by overpressurization and proximity to Gulf Coast LNG export infrastructure create a compelling long-term gas story. Texas counties include Gregg, Harrison, Nacogdoches, Panola, Rusk, Sabine, San Augustine, and Shelby.

The East Texas Basin is one of the most prolific conventional hydrocarbon systems in North America — home to the giant East Texas Oil Field (Woodbine sandstone), which produced over 5 billion barrels through its history. The Eaglebine play — a hybrid targeting both the Woodbine and Eagle Ford formations in the same wellbore — has emerged as a modern unconventional opportunity across Leon, Madison, and Robertson counties.

The Austin Chalk trend in East and Central Texas has been produced since the 1970s from naturally fractured chalk reservoirs that produce light oil and gas along a northeast-southwest trending belt. Horizontal wells have revitalized interest in the play, unlocking new productivity from mature acreage positions. As the source rock for the Austin Chalk, the Eagle Ford formation also makes this a dual-target opportunity in counties such as Lee, Fayette, Burleson, and Milam.

The New Mexico portion of the Permian Basin — primarily the Delaware Basin in Eddy and Lea counties — has become one of the fastest-growing oil producing regions in the United States, adding over 87,000 b/d in 2024 alone. As a direct geological extension of the West Texas Delaware Basin, it shares the same Bone Spring and Wolfcamp play fairways and breakeven economics. For Terlingua, cross-border acreage positions and existing operators with NM assets provide logical JV and acquisition entry points adjacent to our primary Permian focus.

The Anadarko Basin in western Oklahoma is one of the most prolific conventional and unconventional hydrocarbon systems in the United States, with a producing history extending over 100 years. The modern STACK and SCOOP plays target the Meramec, Osage, and Woodford formations. Conventional plays including the Hunton carbonate, Granite Wash, and Marmaton provide additional PDP-rich targets with mature production that aligns well with Terlingua's artificial lift optimization capabilities.