Energy Spectrum to Sell Barnett Shale Properties

Barnett Shale lease area
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Energy Spectrum Advisors has been retained by R.L. Adkins Corporation as its exclusive advisor in connection with soliciting acquisition proposals for certain natural gas producing properties in the Barnett Shale Play of North Texas.

The properties, located in Denton County, Texas on the eastern flank of the Newark East Field, produce from the Barnett Shale formation at approximate depths beginning at 8,100 feet. The properties are located in what is widely considered the Core Area of the Barnett Shale Play, with an average gross interval of approximately 1,000 feet.

The properties include a balanced portfolio of producing, non-producing, and undeveloped reserves. The interests offered for sale include 100% ownership in 32 active producing wells. The properties are 100% operated.

The upside in the properties is low cost, low risk, and high potential. All 32 producing wells are vertical, on original frac, and have 5&1/2 inch casing. In addition to refracs, new horizontal wells, and horizontal laterals from existing vertical wellbores, the upside in the properties includes production enhancement through compression and increased realized pricing through increasing midstream competition.

Gross Proved Reserves are estimated to be 27.2 Bcf as of January 1, 2006. Current gross daily production approximates 3.0 MMCFPD of natural gas.
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