These new leases encompass rights to all possible producing zones to the base of the Hartshorne Coal Formation at estimated depths of approximately 3,000 feet and include a 79.25% Net Revenue Interest and a 100% Working Interest. The Company has begun planning further horizontal gas well development on the acquired lands, along with further land leasing activity.
Lexington's President, Grant Atkins commented, "The new land position brings our total drillable acreage to almost 9,000 acres effectively doubling drillable leases -- enough inventory for our immediate drilling season and well into next year. The Company continues to acquire high value, low risk, gas drilling targets such as these in order to generate immediate revenues and create strong long-term value."
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