Barnett Shale opens up opportunities
Barnett Shale, U.S. Energy announces acquisition with EagleRidge for a 12-well drilling plan in the United States.
| Sectors | Oil, Gas, Gas Exploration & Production, Exploration & Production |
|---|---|
| Themes | Investments & Transactions |
| Companies | U.S. Energy, EagleRidge Energy |
| Countries | Canada, United States |
Barnett Shale, U.S. Energy announces acquisition with EagleRidge for a 12-well drilling plan in the United States.
A drilling plan
Barnett Shale, the new joint venture agreement calls for drilling up to 12 horizontal wells. Jordan Jayson, president and CEO of U.S. Energy says:
“We are very pleased to announce the joint acquisition of existing natural gas production with EagleRidge, as well as our plan for future horizontal development in the Barnett shale play.”
The project is expected to produce 12 million net cubic feet (MMCF) per day.
A commercial cryogenic gas processing plant and a gathering system are expected to complete the project. The companies have joint plans to optimize production from several other wells. In addition, the site has approximately 24,000 net acres that are 99% owned by production.
Perspectives
In addition to Barnett Shale U.S. Energy plans $400 to $500 million in assets in the Permian Powder River and Haynesville basins. EagleRidge Energy Director Michael Ronca states:
“We are excited about our natural gas prospects in the Barnett Shale, an area where we have focused our efforts over the past two decades.”
