Topaz announced that it is in the process of consolidating approximately 750 net acres in the oil leg of the Barnett Shale in Montague County in North Texas.
This oil leg often is referred to as the Barnett Combo shale oil play, which refers to the presence of both oil and natural gas in certain parts of the Barnett shale formation in the Fort Worth basin, particularly the north side of the Barnett shale in Montague and Cooke counties. Potential reserves for the Barnett Combo play in Montague and Cooke counties are estimated to exceed 70 million barrels of oil and 175 billion cubic feet of natural gas per square mile, including over 280,000 barrels per well.
Like other unconventional oil plays such as the Bakken shale in North Dakota, the Barnett Combo is in the spotlight as prices for oil continue to remain high and therefore very attractive.
This transaction is scheduled to close in December.
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