Enterra Participates in 2nd Operated Oil Play in Oklahoma
Enterra Energy Trust will participate in and operate an oil play in Oklahoma outside of the seven counties where it currently has land holdings. Enterra Energy Trust has accumulated a 40% interest in approximately 9,000 acres and has an initial four well commitment with drilling expected to begin in the fourth quarter of 2009. Participation in this prospect provides the Trust with a second area of interest in its Oklahoma operational area. The Trust will also be working with two new partners to develop this play.
"This potential resource oil play opportunity complements the Trust's liquids-rich Hunton natural gas resource play and it has a lot of potential running room", commented Don Klapko, Chief Executive Officer of Enterra, "Over the last several quarters we have been actively pursuing opportunities to grow and enhance the company's value and we are excited to be able to announce yet another step in this direction which will expand our operations in Oklahoma. We have intentionally focused on oil to further balance our production between natural gas and oil. This prospect potentially adds another 25 drilling locations to the more than 100 drilling locations that we already have identified in our Oklahoma operational area."
Enterra has signed a commitment agreement with its primary partner regarding this drilling opportunity, with fully binding definitive agreements to be executed in the near future.