JBL Energy Partners CEO Jason Lane said that the company has executed the letter of intent to sell part of its position in the Woodbine play to a large independent E&P company.
"We are currently working multiple projects in both East Texas and the Gulf Coast region, which we plan to further develop using the proceeds from this potential sale," Lane said.
"As a small independent with excellent local relationships and top notch human and technological resources to draw on, JBL Energy Partners is able to reduce costs per prospect and thus provide a much greater rate of return for our employees, partners and investors."
The sale of the interest would also include rights of all oil, gas and mineral currently owned by JBL and its partners in the acreage.
The sale is expected to close by 15 June.
The Woodbine oil play has seen much activity in the drilling of Horizontal Woodbine Sandstone wells in the recent years, and the operators have recorded recoveries in the Horizontal Woodbine Sandstone range from 300,000 to 500,000 barrels of oil.
JBL Energy Partners is an independent oil and gas exploration and production company focusing specifically on the acquisition and early development of properties in the East Texas basin and the Gulf Coast.
