The Panhandle Field is an oil and gas producing area with production from Pennsylvanian and Permian age granite wash and dolomite covering about 200,000 acres in nine counties.
Green Star chairman and CEO Steve Rackley said that the assets to be acquired contain current production as well as numerous work-over opportunities and infill drilling that will give the company a platform needed for expanded growth.
Closing of the transaction is subject to further due diligence and other requirements.
Green Star is currently targeting joint ventures or acquisitions in which existing oil projects are currently in or near term production.
