Topaz announced that it is in the process of acquiring a lease for 85 acres in the Barnett Shale field in Denton County, Texas, plus a 45.4% working interest in a horizontal Barnett gas well in that acreage. This is the first transaction of the Well Partner Program announced by Topaz on August 31, 2010.
The Barnett has become one of the biggest natural gas plays and drilling booms in the continental United States and the largest producing gas field in Texas. The Barnett is located within approximately 15 counties immediately northwest and west of Dallas, Texas. Improved completion techniques have allowed operators to more than double daily production in the Barnett since 2006 to about 4 billion cubic feet ("Bcf") per day from over 6,000 Barnett wells. The drilling activity is intense with ±70 rigs running in the area. The play has drawn attention from small/fledgling participants to some of the nation's largest public energy companies.
The sale is scheduled to close in October.
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