Irvine Energy Doubles US Acreage
Irvine Energy plc has acquired a 75% working interest in a further 30,985 acres of oil and gas leases in Butler and Cowley counties, Kansas, for a cash consideration of US$0.925 million.
The acquisition is part of Irvine's lease acquisition, exploration and development program in respect to the Chattanooga Shale in Kansas, in joint venture with the Metro Energy Group. The primary focus of the project is shale gas exploration and development, within an Area of Mutual Interest (AMI) of approximately 7 million acres covering the Chattanooga Shale.
Following the acquisition, the company has a 75% working interest in approximately 61,000 acres of oil and gas leases within the AMI, more than double the initial interest in 30,000 acres acquired on 1st November 2006.
Irvine Chairman, Michael Frayne, said: "The company is very pleased with the progress of the project leasing program, with the acquisition of over 60,000 acres in such a short time frame being a significant achievement. The project is well advanced towards the Stage 1 objective of acquiring a strategic significant land position over the Chattanooga Shale of 100,000 acres."
- Irvine to Turn on Taps at First Horizontal Shale Gas Well (Nov 11)
- Irvine Makes Drilling, Production Headway at U.S. Assets (Sep 22)
- Irvine Energy Commences Drilling First Oil Well in Kansas Rock 3D Area (Apr 30)
Company: Metro Energy Group Inc. more info
- Irvine Begins Seismic in Sunflower State (May 21)
- Irvine Energy Doubles US Acreage (Nov 21)
- Irvine Energy to Acquire Interest in Shale Gas Project (Jul 03)