Under the agreement to date, Lexington has a 75% working interest commitment and is responsible for its pro-rata share of acreage costs. In addition, the Company's contract operator, Oak Hills Drilling and Operating, LLC. ("Oak Hills") becomes the Operator for the project and contributes at least one drilling rig until project completion. Oak Hills is currently operating as a contract drilling operator of horizontal gas wells in the Barnett Shale.
Lexington's Drilling and Production Operations Manager, Douglas Humphreys commented, "We are glad to be working with Texas-based Hunt family entities on this project. This association gives the venture's drilling and production efforts real added value. We hope this agreement leads us to future strategic affiliations with this group."
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