The company has received a written proposal from Hunter Resources that includes the acquisition of leased land in eastern Kentucky.
The new field currently consists of approximately 1800 acres of land, primarily gas with good potential for crude as well, and the acquisition will include nine existing wells with plans to drill additional horizontal wells.
Preliminary engineering reports demonstrate the existence of approximately $32m of natural gas, and the project will allow for the expansion into a total of 5,000 acres in the future.
Proper Power & Energy was formed in 2006 as an oil and gas exploration and production company.
