United Energy Acquires Natural Gas Producing Property from El Paso
United Energy Corporation recently closed an oil and gas property acquisition from El Paso Production Company totaling $110 million dollars.
The acquisition covers 108 billion cubic feet of proved natural gas reserves located in South Texas, with daily net production of approximately 30 million cubic feet. The properties will be operated by United Oil & Minerals Limited Partnership.
"We are very excited to have completed this acquisition, as it immediately doubles production from our Texas operations and provides considerable exploration, enhancement, and consolidation opportunities. This transaction demonstrates The United Company's ongoing commitment to the oil and gas business," said The United Company's Chairman, President, and Chief Executive Officer, James W. McGlothlin.