Sigma Global, an oil and gas company, has acquired an additional lease near its current property.
The terms of the lease included a small cash payment, repair of a current non-producing well and the installation of an additional well before June 30, 2008. The company made the cash payment and took the opportunity to complete the repairs to the existing well to bring it back into production.
Well T1 will now be added to the company’s growing list of producing wells. Well 2A is currently undergoing ‘swabbing’ operations and is expected to be online soon.
Brian Conrad, Sigma Global’s CEO, said: We are happy we were able to acquire an additional lease near our property. The ability for us to acquire this lease so close to existing operations will save the company considerable capital.