The development area initially includes ~ 90,000 net mineral acres out of the ~120,000 net mineral acres owned by the companies and additional leased minerals located in Calcasieuand Beauregard Parishes
Privately owned oil and gas exploration, and mineral companies New Dawn Energy, LLC (“New Dawn”) and Mineral Resources Partners, LLC (“MRP”) today announced an agreement to jointly explore and develop certain assets contributed by each company in south Louisiana, targeting unconventional and conventional reservoirs. The development area initially includes ~ 90,000 net mineral acres out of the ~120,000 net mineral acres owned by the companies and additional leased minerals located in Calcasieuand Beauregard Parishes. The companies’ exploration teams have already developed projects within the initial AMI. The parties expect initial development under the agreement to begin during the fourth quarter of 2019.
Dr. Ghasem Bayat, Chief Executive Officer of New Dawn Energy said, “New Dawn is excited to be partnering with MRP a fellow mineral owner, exploration company, and experienced operator. We believe the strategic combination of our respective acreage positions and cooperative interpretation by our geoscience staffs creates an enviable alliance. We expect this agreement to create significant value for both parties and look forward to working with MRP.”
David V. De Marco, Director of Business Development for Mineral Resources Partners, LLC said, “We are delighted to enter into a collaborative relationship with Dr. Bayat and New Dawn. The companies’ close alliance and experienced exploration and production teams have already developed more than 15 projects within the initial AMI, which will be displayed at the upcoming NAPE. The companies’ significant mineral ownership in Louisiana, including 120,000 NMA in the Austin Chalk trend surrounding Masters Creek in Vernon and Allen Parishes, gives us mutual long term goals. We are honored to work with the experienced and results driven team at New Dawn.”
Source: Company Press Release