The company has also announced updated Haynesville drilling activity at Bethany-Longstreet and plans for the Longwood field.
The company has signed a definitive purchase and sale agreement with a private party to acquire approximately 3,250 net acres in the Haynesville Shale trend and 12.3 billion cubic feet equivalent of proved reserves (75% developed) associated with the shallower Hosston and Cotton Valley formations in the Longwood field of Caddo Parish, Louisiana.
The company is acquiring the acreage and reserves for $32 million, in an all-stock transaction and is purchasing interests in 25 gross wells, with approximately 1,200 million cubic feet equivalent per day of net production. It has plans to drill two new vertical wells and re-enter another to test the Haynesville Shale at Longwood by the end of 2008.
