The company’s working interest would initially be 4.9% and is expected to provide $46,000 in annual income based on current spot prices. Thrust Energy has the right to increase its working interest in the project to 66%, resulting in annual income of $625,000 at current spot prices. The project is estimated to contain 4.3 Bcf of recoverable natural gas reserves.
Thomas Mills, president of Thrust Energy, said: “Given current oil and gas prices we believe that this working interest will provide Thrust Energy with a solid revenue stream that will position the company for further investment. We have a number of other acquisition targets and are currently in negotiations for them.”
Thrust Energy focuses on developing oil resources in North America.
