Deep Rock Oil & Gas Acquires Oklahoma Acreage
Deep Rock Oil & Gas has finalized the acquisition of nearly 400 acres adjacent to the Washington Gathering System in northern Oklahoma. This acquisition is complete with a saltwater disposal well and has the potential for drilling up to 8 new well sites.
If all 8 wells are drilled and completed, it is projected to add nearly 75,000-100,000 MCF of gas delivery rates per well with a completion cost per well estimated at $75,000. Robert Garner, CEO commented, "We are pleased with the completion of this latest acquisition as it is further evidence that we are successfully implementing our business plan. Additionally, we are always excited to bring news like this to our shareholders." Gross revenues could reach an additional $1,500,000 annually with an additional increase in gross gas reserves of 4 BCF.
- Deep Rock Oil & Gas Secures Credit Facility (Sep 28)
- Deep Rock Oil & Gas Spuds First Well in Four Well Project (Jan 12)
- Deep Rock Oil & Gas Acquires Oklahoma Acreage (Nov 09)