Westmont Resources, Inc. issued an operational and financial update related to the company’s oil and gas activities in the United States, where it is active in Pennsylvania and other areas.
Westmont Resources signed a memorandum of understanding on the purchase of acreage leasehold in Westmoreland County. The prospective lease is approximately 252 net acres, contains three producing wells and has a natural gas and oil gathering pipeline system. The company believes that the acreage is prospective for the Marcellus Shale and several other formations.
Westmont Resources has set a corporate goal of obtaining 3,650 net acres of leasehold with exposure to the Marcellus Shale, and with the closing of this acquisition will have reached that goal.
Westmont Resources reported production data for the company’s Pennsylvania properties for June 2011. During the month, forty one producing wells averaged approximately thirty barrels of oil per day. The company sold a total of 891 barrels of oil during the month for gross revenue of approximately $112,500.
Westmont Resources is an oil and gas company with various projects in the onshore area of the United States. This includes leasehold in Tennessee prospective for the Chattanooga Shale and 1,650 net acres in West Virginia.
For more information on the company, go to www.westmontresources.com