US Natural Gas Corp. issued an update to investors and shareholders on its oil and gas operations in the United States. The company is focused on various onshore plays in Kentucky and West Virginia.
US Natural Gas reported that the company has closed on the acquisition of the Pine Grove project in Edmonson County, Kentucky. The project area consists of 600 acres of leasehold with 25 previously producing wells that can be brought back onto production. Other assets included in the purchase include pump jacks, collection tanks, and salt water injection wells.
US Natural Gas said that the wells produced from the Devonian Clear Creek formation, and a look at logs from the original drilling, indicates a potential hydrocarbon bearing zone in the Dutch Creek formation.
US Natural Gas estimates that the 25 wells would produce 22 barrels of oil per day and generate $1.1 million in revenue over a 24 month period.
US Natural Gas also announced the acquisition of two natural gas wells in Whitley County, Kentucky. The M. Harmon No. 1 and White No. 1 wells were drilled in 1991 and are currently shut in. The company is targeting an additional eight natural gas wells nearby and estimates that these additional wells have a combined production of 150,000 cubic feet per day of natural gas.
For more information on the company, go to www.usnatgascorp.com
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