Exterra Increases Working Interest in Barnet Shale Assets
Exterra Energy Inc. has increased its Working Interest in 12 producing gas wells in the core area of the Barnett Shale gas field of North Texas. The Company currently holds Working Interests and Overriding Royalties in over 50 producing gas wells in the Barnett Shale. Exterra purchased additional Working Interests from its existing partners through a share exchange. It is the Company's intention to continue an on-going program to further increase the Company's net reserves and cash flow in producing Barnett Shale wells. It is anticipated that this acquisition will initially increase revenue to the Company by approximately $150,000.00+ per year.
"It is the Company's plan to continue a campaign that will give our working interest partners an opportunity to convert their positions into shares of Exterra," stated Ray Ledesma, CEO. Mr. Ledesma continued that, "This will consolidate and increase our ownership in many producing Barnett Shale wells resulting in an increase in top line revenue and reserves with limited risk."