Dallas-based Breitling Energy has taken a new non-operated 35% share in a 14-well developmental drilling programme in West Texas.
The first phase has seven wells planned; six in Kent County and one in Knox County.
The prospects, which target oil with associated gas, are in a proven area with a long history of successful production.
The first well, Barker Trust #1, will be drilled vertically to approximately 5,000ft in Kent County over a two-week period, with the Tannehill sand as the primary oil objective.
The other six wells of Phase One should be drilled consecutively, with three to five days in-between to move the rig.
Breitling chief executive Chris Faulkener said: “We are excited to partner in this new development, extending our growth through the drill bit as we outlined in our business plan.”