Petrogas Co. Inc. purchased 160 acres of oil and gas leases in Valley County, Mont., from the Bureau of Land Management, the company said Jan. 25.
"Montana is an up-and-coming oil and gas producer, and we want to position the company to benefit from what we believe will be a rush to produce from unconventional drilling in the state once energy prices recover further," Huang Yu, CEO, said.
In 2015, Montana produced 28 million cubic feet of gas and nearly 83 million barrels of oil in 2015, with about 41,000 wells on file.
"The 41,000 drilled wells are a sign that there is much more potential in the state. To put things in perspective, there are nearly 1,500,000 drilled wells in Texas," he added.
Valley County, where Petrogas Co.’s newest acquisition is, lies on the southwestern edge of the Bakken Field, and has proven oil production, the company said.
Petrogas Co. Inc. acquires oil fields from distressed third parties and develops undervalued fields.
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