DFW energy companies U.S. Energy and EagleRidge Energy announce drill partnership in Barnett Shale regionArlington-based oil and gas operator U.S. Energy Development Corporation has announced a joint acquisition with Dallas-based EagleRidge Energy, according to a news release.
Under the joint acquisition, the companies plan to drill up to 12 horizontal wells in the Barnett Shale region including Denton, Wise and Johnson counties over the next year. EagleRidge currently operates 2,300 wells across 330,000 acres in North Texas. "This partnership allows us to expand and diversify our resources and manpower into the Fort Worth basin, while natural gas prices remain elevated,"The partnership will also include the net production of 12 million cubic feet per day, approximately 24,000 net acres, recompilation of existing vertical wells, a commercial cryogenic gas processing plant and an associated gathering system.
"We're excited about our natural gas outlook in the Barnett Shale, a region where we've concentrated our efforts over the past two decades,", CEO and director of EagleRidge, said in the release."Teaming up with U.S. Energy Development will allow us to increase our resources and widen our exploration efforts in this gas-rich environment."
In addition to the acquisition, U.S. Energy plans to deploy $400 to $500 million in assets across the Haynesville, Permian and Powder River basins in the next year.
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Source: CNBC - 🏆 12. / 72 Read more »