Westmont Resources Expands Footprint in Chattanooga Shale Region
Westmont Resources has completed an agreement that will extend Westmont's reach and resources with the acquisition of 92 wells in the Chattanooga Shale region in the northern tier of Tennessee from Domestic Energy Corporation.
Preliminary estimates indicate that the value of the reserves for these latest 92 wells could amount to nearly $200 million. This is based on the company's review of other assessments and production in the immediate area. The company is currently soliciting bids from independent oil industry geologists to provide a true bankable reserve assessment and verify Westmont's estimate.
Westmont's portfolio, in addition to this most recent acquisition in the Tennessee Chattanooga Shale region, includes joint ventures developing two significant blocks in the Marcellus Shale region, including 1,800 lease acres in Western Pennsylvania and 1,650 lease acres in West Virginia. "These new Tennessee assets are an excellent fits with our existing core areas and will expand our portfolio, which is balanced in terms of geography and geology," said Glenn McQuiston, Westmont's President. "This transaction is similar to our earlier strategic steps, bringing near-term production and cash flow as well as long-term upside potential with identified exploration opportunities."
"This is a strategic step and a natural extension into the Chattanooga," said Glenn McQuiston, Westmont's President. "We have considered extending our Marcellus natural resources operations into the Chattanooga region for some time and this acquisition provides a significant beachhead for growth in the region and complements our existing strengths in both West Virginia and Pennsylvania. It's the right time because recent advances in seismic technology and continued enhancements in facilities design have reduced the risks in one of the world's oldest basins which is now showing significant renewed potential."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension