Triton American to Lease 13,800 Acres in Barnett Shale Play
Triton American Energy's subsidiary, Triton American Well Services, has signed a Letter of Intent to lease 13,800 acres of the high producing Barnett Shale play. The Barnett Shale is one of the largest and most active domestic natural gas plays in the United States. In 2005, its production exceeded 400 billion cubic feet of gas.
Such production has caused several major multinationals to reverse their decade-long trend of reducing their production in the continental United States. ExxonMobil, ConocoPhillips, Marathon Oil and Shell have come into the Barnett Shale in the past year to take advantage of the high producing field. Triton American Well Services seeks to follow the majors by acquiring a 13,800 acre Barnett Shale lease.
Louis Guidry, President and CEO of Triton American Energy will oversee all operations as Chairman and CEO of Triton American Well Services. Triton American Energy currently owns forty-five percent of Triton American Well Services. Forty-five percent of all revenues from the Barnett Shale lease will flow directly into the financials of Triton American Energy.
President and CEO, Louis Guidry states, "This is an exciting time for our company. Similar to the majors such as ExxonMobil and Conocophillips, we will be seeking to generate record revenues from the Barnett Shale property."
Triton American Energy is an independent crude oil and natural gas
and oil exploration and production company based in Houston, Texas.
The companies business plan is structured to take advantage of today's
rising energy cost, while reducing as much financial risk as possible.
Tritons niche or specialty are the small to moderate operations
(usually 1-50 well projects). These wells can be worth hundreds of
millions of dollars in revenue but require more hands-on attention
then the major producers are willing to give.
- Management Changes on the Horizon for AWE (Nov 20)
- Triton American Well Service Completes Acquisition of Instar Field Services (Sep 13)
- Triton American to Lease 13,800 Acres in Barnett Shale Play (Feb 02)