UNGS acquiring new oil properties: US Natural Gas to acquire certain oil producing properties in Kentucky Comtex News Network "Datamonitor"
Mar 22, 2011 (Datamonitor via COMTEX) -- US Natural Gas Corp , an oil and natural gas exploration, development and production company, has executed a term sheet for the acquisition of certain oil producing properties located in Edmonson County, Kentucky .
The terms call for US Natural Gas Corp Kentucky to acquire twenty five producing oil wells, two water injection wells, and associated equipment all located in the Pine Grove oil field which was identified in the early 1990s.
The wells are drilled to an average depth of 1400 ft and produce from the Devonian Clear Creek formation. The wells are located on a leasehold base of five individual leases covering approximately 600 acres. Inclusive within the acquisition, E 2 Investments, LLC , a wholly owned subsidiary of the Company, will acquire 182 acres of mineral rights.
"Earlier this year we reaffirmed our commitment to increase our production of oil to balance our revenue base. With this acquisition, I am confident the Company will quickly approach its goal of 500 barrels of production on a monthly basis," stated Wayne Anderson , President of US Natural Gas Corp.
