Pilgrim Petroleum in Deal for Barnett Shale Acreage


Barnett Shale lease area
(Click to Enlarge)
Pilgrim Petroleum is in negotiations to acquire production and acreage of approximately 7300 total acres in Johnson and Wise county in the Texas Barnett Shale, the best play in the country. This property has a history of great production and existing conventional well bores available for reentry; Pilgrim Petroleum will focus on refitting the properties with additional horizontal and directional wells. Some seismic data is available with this acquisition, which will facilitate a reserve report. A final agreement is expected to be completed in the next few weeks.

Stephen Richardson, Pilgrim Petroleum Vice-President, said, "Each acquisition builds our natural energy reserve base. We will continue to acquire properties and bring our wells on line throughout 2006 in order to increase our residual revenue."

Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Texas. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Manager
Expertise: Commercial Management|Project Management|Site Engineer
Location: LA
 
Product Manager
Expertise: Business Development|Executive
Location: Houston, TX
 
Project Manager
Expertise: Project Management
Location: Atlanta, GA
 
search for more jobs

Brent Crude Oil : $51.68/BBL 0.27%
Light Crude Oil : $49.25/BBL 0.74%
Natural Gas : $3.24/MMBtu 3.18%
Updated in last 24 hours