Looking forward, the acquisition of oil and gas lease acreage provides additional locations for future drilling while the well bores themselves, besides offering immediate increased production, are prime candidates for recompletions and perforations in potential pay zones that have never been entered before.
Additionally, Creston has acquired a workover rig directly into Homeland so that the company will be able to do its own fieldwork at cost. Through its own efforts, and in conjunction with the joint operations already underway, the company intends to increase production on 20 to 30 wells by the end of the fourth quarter of 2006.
The acquisition, which is expected to close pending the completion of customary conditions, is scheduled to occur early in the first quarter of 2006. Terms were not disclosed.
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