About San Isidro Development Company, LC
San Isidro Development Company, L.C.
San Isidro Development Company, L.C. (“San Isidro”) is a privately held independent oil and gas company with offices located in Sandia and Corpus Christi, Texas. San Isidro is focused on the exploration and development of onshore and offshore conventional oil and gas properties and the acquisition of producing properties in South Texas and the Gulf Coast.
Company Philosophy and Goals
San Isidro’s goal is to become a leading creator of value as an independent oil and natural gas exploration company in Texas. In order to meet that goal, San Isidro will leverage its largest asset, the skills and dedication of its owner and employees. San Isidro has the resources to recognize exploration and development opportunities while still being small enough to capitalize on those opportunities by reacting quickly.
The current industry emphasis on oil prospects and shale plays has resulted in many companies divesting themselves of conventional natural gas assets as well as abandoning quality natural gas prospects. That industry shift in strategy when combined with the natural gas and oil pricing divergence has opened a window of opportunity for San Isidro to acquire low cost natural gas reserves. San Isidro is committed to the identification, acquisition, exploitation, development and production of conventional natural gas properties.
Since 2003, San Isidro has been actively involved as both an operator and non-operator in exploration and production in South Texas and along the Texas Gulf Coast. From Webb to Matagorda County, San Isidro has participated in drilling prospects from 1,200’ to 16,500’ beneath the earth’s surface. Most prospects are developed utilizing 2-D and 3-D seismic technology, in addition to subsurface well control. San Isidro has underwritten the cost of over 150 square miles of new 3-D data since 2005 covering its acreage positions in Jim Wells, Live Oak, Duval and McMullen Counties. San Isidro owns licenses to over 2,500 square miles of 3-D seismic data along the Texas Gulf Coast.
In 2006 San Isidro shot a 72 square mile proprietary 3-D seismic survey over its Yellow Rose Prospect in McMullen County, Texas. This seismic survey was shot to image the Upper and Lower Cretaceous, more specifically, the Olmos, Eagle Ford, Edwards, Pearsall and Sligo Formations. Aware of the emerging shale plays in other regions of Texas, San Isidro recognized these particular formations’ excellent horizontal drilling and fracing applications. San Isidro was confident the use of these drilling and completion techniques would be successful. After seismic was acquired, processed and evaluated, San Isidro began leasing its oil and gas lease block. San Isidro completed leasing its 23,000 acre block and its title and curative work in late 2008. In 2009 San Isidro drilled its first exploratory well on the Yellow Rose Prospect to test the Eagle Ford and Edwards formations.
San Isidro completed its first Eagle Ford well (Frances Dilworth #2H) in January 2010. After successfully drilling and completing six additional Eagle Ford wells on the Yellow Rose Prospect, San Isidro decided to monetize its Eagle Ford assets. Tudor, Pickering, Holt & Co. was retained to assist San Isidro in its divestiture. In December 2010, San Isidro and its partner, Antares Energy, Ltd. closed the sale to Chesapeake Energy Corp of more than 23,000 acres of production and leases for two hundred million dollars.
San Isidro is currently implementing its business strategy of assembling high reserve potential conventional prospects in counties along the Texas Gulf Coast by acquiring leases on five separate prospects. Each prospect has reserve potential greater than 100 BCF equivalent.