Preliminary estimates indicate that the value of the reserves associated with these 233 lease acres in Westmoreland County of western Pennsylvania from the existing eight wells located on the leases could amount to nearly $7.2m.
Westmont said it has been working to obtain oil and gas leases in the Marcellus and Chattanooga Shale Region.
The company’s portfolio, in addition to the recent acquisition in the Pennsylvania Marcellus Shale region, includes development of three significant blocks in the Chattanooga Shale region in Tennessee consisting of 92 wells, an additional 1,800 lease acres with 60 existing wells in Pennsylvania, and an additional 1,650 lease acres with 60 existing wells in West Virginia.
