Ironwood Oil & Gas LLC has successfully closed a $34 million acquisition of operated and non-operated interests in 171 wells and more than 60,000 net undeveloped acres in the East Texas basin from a private company. In addition, the company commenced horizontal drilling operations on a separate Cotton Valley prospect in Gregg County, Texas.
"I am excited about Ironwood's growth potential in the Ark-La-Tex," said Bill Griffin, President. "We intend to focus our combined approach of production optimization and targeted reserve development utilizing horizontal technologies on these newly acquired positions. Ironwood has a very experienced management team with a proven record of efficiently operating and effectively applying technologies to realize profitable production and reserve growth on both large and small scale projects. We look forward to expanding this model, not only in East Texas, but into other regions."
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