New Times Energy Corp. Ltd. has purchased an oil and gas operating company, an additional seven wellbores and 280 acres located in the Uinta Basin, Utah, adding New Times' total number of wells in the basin to 39.
According to the agreement signed between the group and Tiger Energy Partners Utah Acq. LLC, New Times Energy acquires a 100% working interest in the 80% net revenue interest of seven wellbores in Uinta County, Utah; 280 acres, or approximately 40 acres per well, in the leases immediately surrounding these wells; and Tiger Energy Operating LLC, a company licensed and bonded to operate oil and gas leases in the state of Utah.
The newly acquired seven wells are located very close to the group's existing two workover wells in the Willow Creek area of the Uinta Basin. One of the wells will be used as an injector to stimulate the other wells and re-establish production in the remaining wells. The group intends to utilize advanced technology in drilling, logging, completion methods, and equipment to achieve maximum efficiency and cost effectiveness in drilling and developing its acreage and oil and gas reserves.
Recommended Reading
FERC Approves Extension of Tellurian LNG Project
2024-02-19 - Completion deadline of Tellurian’s Driftwood project was moved to 2029 and phase 1 could come online in 2027.
US NatGas Flows to Freeport LNG Export Plant Drop Near Zero
2024-04-11 - The startup and shutdown of Freeport has in the past had a major impact on U.S. and European gas prices.
Freeport LNG Says Trains 1, 2 at Texas Facility May Shut Until May
2024-03-20 - Freeport LNG on March 20 said its Train 2 liquefaction unit at the Texas plant has been shut down, while Train 1 will be taken down imminently as it expects inspections and any subsequent repairs at both the units to be completed by May.
Freeport LNG's Feedgas Usage Falls Again
2024-03-11 - Natural gas flowing to Freeport LNG's Texas facility was down to 758 MMcf on March 11 from 1463 MMcf on March 3, LSEG data showed.
Asia Spot LNG at 3-month Peak on Steady Demand, Supply Disruption
2024-04-12 - Heating demand in Europe and production disruption at the Freeport LNG terminal in the U.S. pushed up prices, said Samuel Good, head of LNG pricing at commodity pricing agency Argus.