Walters Exploration Company is a privately held independent oil and gas operator headquartered in Dallas, Texas. The company has operated conventional oil and natural gas properties in Texas for more than two decades, with assets spanning multiple producing basins including the Permian Basin.
Overall Assessment
Walters Exploration is a very small independent conventional oil operator that has recorded 10 well permits since 2017, with 9 progressing to an activity date. Rather than following a continuous drilling program, the company appears to drill selectively every few years, concentrating almost exclusively on Nolan County, Texas, with recent activity focused on shallow vertical oil wells in mature conventional fields. The appearance of a new active rig in your current rig report aligns with this renewed drilling activity and suggests Walters is continuing to invest in extending the productive life of its legacy West Texas assets.
Walters Exploration Company Well Permit Summary (2017–Present)
Permit Activity Summary
| Metric | Count |
|---|---|
| Total Well Permits | 10 |
| Permits with an Activity Date | 9 |
| Permits without an Activity Date | 1 |
Activity Timeline
Walters Exploration Company’s drilling activity has been relatively infrequent, with permits recorded in:
- 2017: 1 permit
- 2018: 2 permits
- 2019: 2 permits
- 2020–2021: No recorded activity
- 2022: 1 permit
- 2023–2024: No recorded activity
- 2025: 1 permit
- 2026: 1 permit (most recent)
The activity pattern suggests Walters operates as a small independent operator, drilling opportunistically rather than maintaining a continuous development program.
Most Recent Wells Drilled
1. East Shore Unit
Activity Date: July 6, 2026
- County: Nolan County, Texas
- Field: Divide (King Sand) Primary Field
- Projected Depth: 4,600 ft
- Well Type: Oil Well
- Drilling Operation: Vertical
- Rig: Rockin R 1
- License Date: April 28, 2026
Insight
This is Walters Exploration’s first recorded drilling activity since 2025 and indicates continued investment in mature conventional oil reservoirs. The relatively shallow planned depth is consistent with redevelopment or infill drilling in established West Texas fields rather than deep exploratory drilling.
2. (2025 Nolan County Well)
Activity Date: September 10, 2025
- County: Nolan County
- Field: (Not populated in permit)
- Projected Depth: 4,600 ft
- Drilling Operation: Vertical
- License Date: August 2025 (permit record)
Insight
This permit reflects Walters’ focus on conventional vertical development. The similar projected depth to the 2026 well suggests the company is targeting the same producing interval within the Nolan County asset.
3. Silver Bullet
Activity Date: March 15, 2022
- County: Nolan County
- Field: EVB (Ellenburger) Primary Field
- Projected Depth: 7,000 ft
- Well Type: Oil Well
- Drilling Operation: Vertical
- Rig: Rockin R 1
- License Date: February 7, 2022
Insight
The 2022 Silver Bullet well targeted the deeper Ellenburger formation, demonstrating that Walters has experience developing multiple conventional reservoirs in the county. Compared with the more recent 4,600-foot wells, this project represented a deeper drilling target with potentially different reservoir characteristics.
Author: phinds