Ecco Energy has signed a letter of intent to purchase properties from Samurai Corporation, including the working interests in the properties previously owned by Lake Fork Resources and the M-J Oil Company in Ohio.
According to the company, the acquisitions include 40 producing wells and multiple development drilling opportunities, as well as opportunities to increase production from currently producing wells. These wells are located in 11 counties in eastern Ohio.
Ecco will operate all of the wells. There are multiple productive horizons, including the Clinton Sandstone, Ohio Shale, Oriskany Sandstone, Berea Sandstone and Marcellus Shale, said the company.
Current net production is approximately 240 million cubic feet of gas and 23 barrels of oil per day. Ecco plans to complete the transaction by the end of February 2009.
Sam Skipper, president of Ecco, said: This is a major acquisition for our company. Ecco’s management team has identified 18 existing wells containing Marcellus Shale sands, and once recompleted, we feel the properties will enhance current production with additional oil and gas volume.
