Oil and gas exploration and production firm Earthstone Energy has acquired a 25% working interest in the Onstad 22-14 well located in the Divide field in the US state of Montana.
This producing well in Sheridan County has been shut-in for over three years, and produced approximately 15 to 20 barrels of oil per day when it was running.
The spacing unit associated with the well is 320 acres and Earthstone said that because of water production, the well is economically marginal.
Earthstone president Ray Singleton said that the company believes the value of this well will become much more substantial, especially as the horizontal Bakken play develops in this area of the county.
In January 2011, Earthstone announced its purchase of five producing wells in Sheridan County.