America Resources Acquires Interest in East Texas Wells

America Resources Exploration on Aug. 13 said it acquired a fractional interest in two wells located in Shelby County, Texas.

XTO Energy, a subsidiary of ExxonMobil, is the operator for both wells, which America Resources said are averaging combined daily production of 6,763 million cubic feet of natural gas for the six months ending April 2015.

The company also said that the wells have demonstrated year-over-year production growth.

Both wells are drilled in the Carthage field into the Haynesville Shale formation and are producing from a completion interval depth of 12,890 feet to 19,053 feet.

“We are excited to diversify our production portfolio with this natural gas play,” Huang Yu, CEO of America Resources, said in an Aug. 13 statement. “This transaction also displays our determination to associate with established operating partners like XTO Energy in an industry where relationships are a key to success and longevity.”

America Resources on Aug. 19 said it also acquired two oil and gas leases – called the Snyder leases – on approximately 950 acres in Callahan County, Texas, through its 94% subsidiary Seabourn Oil Company.

Also in August, America Resources signed an agreement with NGL Energy Partnership LP’s Crude Logistics. NGL will buy all of America Resources’ oil production from its Rogers & Burns property in Frio & Atascosa, Texas, which the company estimated will total approximately 1,000 barrels per month.

“We are pleased to be working with a big and well-established company like NGL and look forward to delivering our crude to them,” Yu said. “It is based off strong partnerships like this that America Resources Exploration will be able to continue to develop and increase revenues, while at the same time building a strong reputation in the industry.”

3 Ways Technology is Going to Shape the Oil and Gas Industry Free to Download Today

Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.

Related posts

Subscribe to OILMAN TodayDelivered to your inbox

Subscribe to OILMAN Today, a biweekly newsletter delivered to your inbox covering oil and gas business news, current events and industry information you need to know about.