The acquisition by NFR includes both producing and undeveloped natural gas properties, and consists of over 24,000 acres of leasehold in the Cotton Valley Trend of East Texas, 85 producing wells yielding approximately 23 millions of cubic feet equivalent per day and proved reserves of nearly 300bcfe. The terms of the deal were not disclosed.
Doug Krenek, president and CEO of Chalker, said: I am extremely proud of our team’s success. The project was headed by proven entrepreneurs with a strong operating history. The Chalker team contributed the expertise in engineering, operations, land and day-to-day management needed to build a scalable set of assets in the mature east Texas basin in a very short period of time.
