The company also announced that on February 3, 2006, it has funded its initial $2 million obligation under a total $20 million commitment for the first phase of the project. More information on the transaction is available in the Petrosearch Form 8-K filing.
Richard Dole, Chairman and CEO of Petrosearch commented," We are excited about the opportunity to enter the Barnett Shale and to be partnered with industry leaders." Added, Mr. Dole, "Their commitment of drilling rigs and dedicated evacuation facilities are major assets, which make this project unique to the Barnett Shale and will contribute to the success of this project."
The Company will participate with Harding Company, the operator, and other oil and gas companies, in development of this property. The total amount committed for the first phase of the project by all partners is $81 million. Approximately 3,000 acres have been acquired to date and offers are pending on another 25,000 acres. The estimated total acreage for the first phase of the project is expected to be in excess of 20,000, which would support 130 drilling sites.
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