The letter of intent was signed on June 2 and puts US Energy in a strong position for the exploitation of the 200 natural gas well sites in Ozona, Texas, that the company recently acquired. US Energy Holdings owns the mineral rights to 9,500 acres of property in Crockett County, Texas. Of the 200 potential drilling sites on location, this property contains 15 proven and producing gas wells with a history of production from 1973. The bankable reserves on the property include $100 million in reserves for 30 Canyon Wells locations and $39 million for 20 possible Strawn-Ellenburger locations. There could be as many as 30 Strawn-Ellenburger locations available on these leased properties.
Taylor Exploration is a 30-year veteran in the drilling industry with a proven record of exploitation success in the Crockett County area. "We feel that Taylor is the ideal candidate to help us secure the highest yield from our wells and start production within a very short period of time. They are the final piece to the puzzle and we are excited at the prospect of becoming a full-fledged energy company in today's world of exponential energy demand."
According to The International Council for Capital Formation in the United Kingdom, "...there will be an average increase of 41 percent of natural gas prices by 2010..."
Based in Houston, US Energy Holdings, Inc. is a diversified U.S. energy company. Its activities are focused solely on United States Energy Resources.
US Energy Holdings, Inc. owns the mineral rights to 9,500 acres in Crockett County, Texas. The property is located approximately 25 miles south of Ozona and 75 miles north of Del Rio, Texas. The "Canyon Sandstone" gas wells located on this ranch are part of the large prolific Adams-Baggett Canyon Sandstone Field.
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