US Natural Gas, www.usnatgascorp.com – the independent energy firm focused on the acquisition of mature, long-lived oil and natural gas resources, reported acquisition of 120 acres of mineral rights in W. Virginia’s Wayne County today.
With its primary sites in Kentucky and West Virginia’s Appalachian Basin, the Company’s acquisition in the Lincoln District (Radnor Quad) of Wayne County is surrounded by several proven and highly productive wells drilled to an average of 5k feet and bearing no significant explorative efforts to date.
President of UNGS, Wayne Anderson, commented on the addition of acreage in West Virginia and noted the particularly promising potential of this new resource as nicely suited for one of the Company’s upcoming drilling programs.
Anderson also cited ongoing developments with the Wilon Resources, Inc. acquisition, reporting with pleasure to the Company’s shareholders that 43 wells are in production and delivering to Columbia Gas Transmission’s pipeline.
Projections indicate another six to seven wells will be in production by the middle of this month, after the Sulfa Treat vessels – required due to the high hydrogen sulfide output of these wells in particular – are installed and ready.
Anderson also outlined the imminent completion of several pending deep wells to shareholders. This Completion project, on wells which were drilled within the past four years, will launch this quarter.
Daily production output company-wide has steadily improved in recent months, according to Anderson, as UNGS has set about its reworking and completion efforts. The Company is still in the market for additional opportunities to grow shareholder returns by acquiring underutilized assets.