As part of a previously announced agreement, Deep Rock will initially develop gas production within a 5 mile radius of the Washington Gathering System. The joint-venture gives Deep Rock a 49.5% revenue interest in all fees for production that flows through the pipeline. The pipeline is located in a large, undeveloped area prone to shallow gas reserves and relatively inexpensive exploration and production costs.
Robert Garner, CEO of Deep Rock stated, "These initial wells will help establish the well production profile in this joint-venture area and their gas production profile will assist us in determining how vigorously we will proceed with future development in the area."
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