American Standard Energy has signed an agreement with Geronimo Holding Corporation for the acquisition of 36 gross wells in the US states of Texas, Oklahoma and Arkansas.
The acquisition covers an area of 18km² gross held by production including an additional 22 planned unit development sites for future development.
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The wells acquired in the transaction produced more than 350 barrels of oil equivalent per day in 2010.
American Standard Energy president Richard MacQueen said the acquisition will provide the firm with an impressive future earnings potential based on the planned unit development locations included within the property.
“We expect this acquisition to substantially expand our capacity to acquire and develop new acreage in the Bakken and Eagle Ford shale plays,” he said.
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By GlobalData
