Superior Oil and Gas has entered into and closed an agreement with the WS Trust of New York City regarding the trust's investment in half of Superior's working interest in two oil and natural gas wells in Oklahoma that are in the final stages of completion.
The wells and acreage are Superior’s Windy Vista Well No 1 and 320 acres located in Garfield County, and the Lonesome River Well No 1 and 160 acres located in Blaine County. The amount paid to Superior for these interests was $3 million cash.
The trust’s $3 million investment also entitles it to have a right of first refusal to participate in all of Superior’s future drilling prospects, the firm revealed.
Dan Lloyd, president of Superior, said: We have disclosed to the trust’s representatives our immediate and near-term drilling plans and opportunities. We at Superior Oil and Gas are delighted to welcome this fine New York family to the opportunity to deploy some of its assets in Superior’s planned drilling activities.