Epsilon Energy Ltd. has entered into an agreement to acquire 10,200 gross (5,100 net to Epsilon) prospective Marcellus shale leasehold acres in Chemung and Tioga counties in New York from a privately held company for approximately $5.1 million in cash.
The Company now holds approximately 87,200 gross (42,600 net) prospective Marcellus shale leasehold acres in New York and Pennsylvania.
The acquired acreage is included within an existing joint venture and Area of Mutual Interest (AMI) for which the Company is the operator and holds a 50% working interest. Two other privately held companies each hold a 25% working interest in the joint venture and AMI.
Fred Zaziski, Epsilon's President, stated "This leasehold acreage further consolidates our Marcellus leasehold and bring us additional operational synergies in New York, as it is located between our Park Place and Evans Hill projects. We are looking forward to leveraging our leasehold position to exploit potential Marcellus shale natural gas reserves in this area."
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