NYTEX Energy Holdings Inc. (OTCQB: NYTE) sold 15% interest in approximately 17,000 leasehold acres for the cash purchase price of $3.2 million to Newark E&P LLC.
Operating through its subsidiary, NYTEX Petroleum Inc., the Dallas-based NYTEX Energy Holdings sale included two producing wells and carried interest in seven additional drilling prospects.
Prior to the sale, the NYTEX participated with Newark through an exploration agreement and operating agreement wherein NYTEX owned a 15% working interest in wells drilled on the approximate 17,000 leasehold acres. Under the terms of the purchase and sale agreement, Newark purchased all of the right, title and interest granted to NYTEX in the exploration and operating agreements.
Through the company’s land services efforts and subsequent to the sale agreement, NYTEX owns an average 5% working interest in approximately 5,600 leasehold acres and an average 1% overriding royalty interest in more than 88,000 acres in Jack, Throckmorton and Young Counties in the Marble Falls, Mississippi Lime, and Caddo Limestone resource plays. In addition, the NYTEX maintains approximately 1,300 leasehold acres in inventory for future development and recently drilled six Marble Falls wells wherein the company has an average 9.8% net revenues interest. The company maintains an ongoing leasehold acquisition initiative in the Marble Falls play.
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