Panhandle Oil and Gas has agreed to buy interests in 193 non-operated natural gas wells and a 6km² area in Arkansas, US, for $17.5m from a private seller.
The assets are located in the Van Buren, Conway and Cleburne counties in the prolific Fayetteville Shale natural gas play.
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The properties have estimated net-proved, developed producing reserves of 9.2 billion cubic feet and 15.2 billion cubic feet of identified undeveloped reserves.
In the fourth quarter of 2011, net production from producing wells in the acquisition is projected to stand at 2.7 million cubic feet per day.
Panhandle Oil and Gas president and CEO Michael Coffman said the properties will increase the firm’s acreage holdings in the core area of the Fayetteville Shale by 18% and current production from the properties will increase its total Panhandle production by approximately 12%.
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By GlobalData
