On Dec. 10, Jones Energy Inc. (NYSE: JONE) said it acquired a contiguous block of 5,120 net acres in Hutchinson County, Texas, targeting the Cleveland sandstone.
Jones has 100% working interest, and the initial block covers 40 net drilling locations, the company added.
These locations equate to half a year of drilling inventory at current activity levels, the company noted.
Drilling is scheduled to begin in early 2015, and the company has access to 3-D imaging, which it is currently reprocessing. Jones also retains the right to acquire an additional 63,000 net acres over a multiyear period.
“Our recent lease acquisition in Hutchinson County will help us continue growing our position in the Cleveland play while potentially adding new target zones through exploration of the stacked pay potential of this new acreage,” said chairman and CEO Jonny Jones.
Austin, Texas-based Jones Energy Inc. develops and acquires domestic oil and natural gas properties.
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