This acquisition includes 25 previously producing oil wells, two water injection wells, mineral rights leases covering 600 acres, a deed for 182 acres of additional mineral rights, ten collection tanks varying in size from 100-210 barrels, 18 pumpjacks, and all completion components.
The wells are drilled to an average total depth of 1,400ft with the Devonian Clear Creek being the primary formation of production.
The company said the drillers log shows another potential production zone known as the Dutch Creek formation which may be treated in the future.
At present, 12 of the 25 wells can be placed into immediate production, and the remaining wells will be addressed and placed into production over the next two to three months.
US Natural Gas Corp also said that its projected production from the 25 wells is on average 22 barrels of oil per day.
