Wentworth Energy Acquires Stake in West Texas Permian Basin Acreage
Wentworth Energy has acquired a 63.75% working interest in producing West Texas Permian Basin oil and gas leases with possible reserves of 2.5 BCFG in a cash transaction. The acquisition includes fifteen 10-acre tracts in the West Cardinal field located in Pecos County approximately 150 miles south of Midland, Texas.
As part of the acquisition the Company acquired access to a 12-mile long pipeline with the 15 wells on the property. Wentworth Energy plans to spend up to $400,000 to bring production to between 200 and 300 MCFGPD and 10 BOPD.
John Punzo, Chairman and CEO of Wentworth Energy, stated: "This acquisition gives us a strong foothold in the vast West Texas Permian Basin. We were able to secure the property and negotiate excellent terms based on our management team's ability and experience to bring these types of oil and gas properties into production."
Mr. Punzo went on to state, "This acquisition was a direct result of our strategy to leverage our management team's strong network of contacts to uncover undervalued prospects with significant upside potential. This area of Texas is one of the most well-established oil and gas regions in the state and an aged reserve study of this property showed PDP reserves of 500 MMCFG, PDNP reserves of 992 MMCFG and PUD reserves of 1,028 MMCFG."
Located in Forth Worth, Texas, Wentworth Energy Inc. is a
diversified energy company focused on the responsible development of
America's natural resources while providing maximum shareholder
value. Wentworth Energy will apply innovative technologies towards
the discovery and development of a diverse portfolio of high value,
low risk energy projects such as the Company's opportunities in the
oil sands of eastern Utah, the prolific oil and gas fields of the
Gulf Coast, and the Texas Barnett Shale gas play. Wentworth Energy
trades under the ticker symbol WNWG.
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- Wentworth Energy Acquires Stake in West Texas Permian Basin Acreage (Jan 24)