Next Generation Energy Corp., here, (OTCQB: NGMC) has completed the sale of its interest in the Kelly Snyder #1 in Scurry County, Texas.
CEO Darryl Reed states" "The sale of this interest will allow the company to fund future acquisitions in oil producing properties in the Appalachian Basin, an area of focus for the company. The company is actively engaged in acquiring existing operating oil wells in Eastern and South Eastern Kentucky where the oil bearing geological formations are at relatively shallow depths (1000 to 2000 feet) and produce over a long periods of time, 40 years in some cases."
In addition to its existing portfolio of natural gas wells and mineral rights, the company is also in due diligence on several oil well re-entry projects.
Reed adds, "In years past oil producers have shut in wells that where not profitable when oil prices were $30 bbl. Now with oil prices at $95 plus per bbl. the economics of a well re-entry and re-work are extremely attractive. Additionally, newer oil drilling and recovery technologies make a re-entry project even more compelling."
Recommended Reading
Utility, Clean Energy Company Allete to Go Private in $6.2B Deal
2024-05-06 - The Minnesota-based utility said on May 6 it agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.
Valaris’ 1Q Sets Positive Tone for Offshore
2024-05-06 - Coming out of first-quarter 2024, drilling contractor Valaris expects a sustained upcycle for the offshore drilling industry supported by demand growth, OPEC+ production cuts and supportive commodity prices.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Analyst Questions Kimmeridge’s Character, Ben Dell Responds
2024-05-02 - The analyst said that “they don’t seem to be particularly good actors.” Ben Dell, Kimmeridge Energy Partners managing partner, told Hart Energy that “our reputation is unparalleled.”