According to independent oil and gas reports, the acreage includes over 100 wells with proved producing leases containing substantial reserves.
Harold Tutt, president of Regal Resources, said: “We believe that the tragedy that is taking place with the loss of the drilling rig in the Gulf of Mexico and the eminent ecological damage from the thousands of square miles of crude oil threatening the environment will make onshore drilling more acceptable in the future.
“Our aggressive acquisition strategy is being fueled by the catastrophic oil spill which we believe will add tremendous value to our existing portfolio of mineral reserves and oil and gas production as the philosophy of offshore drilling sinks.”
