The property is presently undeveloped and Xtreme has begun discussions with geologists to determine the best approach to exploit the Haynesville Shale within the properties. While Xtreme has previously focused on reworking and redeveloping mature oil fields using new technology and hands-on management to bring additional reserves to the surface at the lowest cost.
The proximity of the properties to existing wells, existing gas pipeline connections and established geology will allow Xtreme to apply its disciplined approach to controlling drilling costs and establish new strategic partnerships to exploit the Haynesville Shale for the benefit of its shareholders.
Willard McAndrew, CEO of Xtreme, said: We believe the opportunities represented by these properties will produce both a short-term win for investors and establish Xtreme as a credible player in the development of shale properties. This acquisition is the first step in an aggressive strategy to acquire a significant position in the largest natural gas field in the US.
