IGDC to Acquire and Develop U.S. Natural Gas Field

Indigenous Global Development Corporation has signed a letter of intent to own and operate a natural gas field in the Central United States with a potential reserve of 250 billion cubic feet of natural gas. Once signed, a new company will be formed to receive the existing leases, gathering equipment, existing wells and to purchase a new nitrogen rejection unit, acquire additional leases and drill new wells. Final purchase of the natural gas field operation is expected to close in 30 days.

IGDC will own 80 percent of the new company and the joint venture partner will own 20 percent. The partner will maintain operations of the potential 1,000 well natural gas field. The growth of IGDC's energy program to include natural gas field development is in line with the national need for clean power and the company's interest in economic development for Indian Country.

"This opportunity provides us with control and use of this energy commodity from the wellhead to the burner tip and gives our project partners access to a vertical market in the natural gas platform," said Deni Leonard, Chairman and Chief Executive Officer, Indigenous Global Development Corporation. "We look forward to the completion of the deal and the great possibilities it offers IGDC and its partners."
Company: Indigenous Global Development Corporation more info
 - IGDC to Acquire and Develop U.S. Natural Gas Field (Jan 06)