Exploration and production company Energy Hunter Resources has signed an agreement to sell its ownership interest in certain mineral rights located in Howard County, Texas, US, to an undisclosed buyer.
Horizontal targets on these mineral rights include the lower Sprayberry and Wolfcamp A, with potential scope for horizontal development in the Wolfcamp B and Wolfcamp C benches.
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As per the agreement, Energy Hunter divested 100% of its ownership interest in the mineral rights for $750,000.
Energy Hunter Resources chairman and CEO Gary Evans said: “The reason to acquire mineral rights in the Permian Basin was always a short-term focused decision designed to leverage our expertise in the sector and obtain a minor ownership position in a core area of the Permian Basin.
“We watched the value of our mineral rights in the Permian Basin significantly increase as additional wells were drilled and completed on the properties.
“The decision to sell these assets now will enable us to reinvest the proceeds in our new core region of the San Andres oil play located in the Permian Basin and provide additional working capital to the company.”
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By GlobalDataThe company acquired the ownership rights late last year for around $300,000.
Since then, Energy Hunter Resources drilled and completed a total of three wells on these mineral rights.
Additional wells on the mineral rights are currently in the permitting stage.
