US Natural Gas has recently acquired two leaseholds totaling approximately 220 acres of mineral rights in Hart County, Kentucky. Included on these two leases are two producing wells and nine wellbores ranging from 800-1900 feet in total depth.
Through its wholly owned subsidiary, US Natural Gas Corp KY, the Company plans to initiate the rework and completion of five of the wellbores after e-logs and down hold camera evaluations are completed. Two of the acquired wells are currently in production and produce on average 1-2 BOD. The Company has sold the initial production from these wells since the closing of the transaction. The Company maintains on average a 90 percent working interest in each of the wells.
"We are excited to add to our leasehold base and producing properties in Kentucky," stated Wayne Anderson, President of US Natural Gas Corp. "The acquisition related costs and capital expenditures required to place the wells into production provide an attractive rate of return for the Company. We will continue to actively seek to acquire and develop additional oil properties in Kentucky."
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