The company has already started due diligence and project evaluations with Capco in anticipation of the acquisition, including proposed well recompletion and enhancement work programs.
The acquisition of the Brown Snyder assets, which is subject to final negotiations, documentation and requisite approvals, is expected to be completed by the end of July 2011.
EGPI CEO and chairman Dennis Alexander said the company continues its plans for growth within its oil and gas division, through the acquisition of the Brown Snyder lease interests.
"We believe the upside potential for production activity and enhancement on this property, utilizing modern state-of-the-art techniques, will present an excellent opportunity for the company," Alexander said.
