Acquired 10,900 contiguous net acres in Crockett County, bringing total Permian properties to 151,000 gross acres.
Approach Resources Inc., Fort Worth, (Nasdaq: AREX) has acquired additional acreage in the Permian Basin, which further expands its exploration interests targeting the Wolffork oil shale play. Neither the seller not the price were disclosed.
The assets include leasehold interests covering 10,900 contiguous net acres in Crockett County, Texas. The new acreage, or Pangea West, is near the company's existing acreage in northeast Crockett County. Approach's total acreage position in the Permian Basin now covers approximately 151,000 gross (109,000 net) acres.
"Acquiring additional acreage in the Permian Basin enhances our leverage to the multi-zone potential of the Wolffork oil shale play and adds to our portfolio of opportunities," says J. Ross Craft, president and chief executive officer. "Based on our preliminary geological evaluation of the new acreage, we believe the new acreage will be an extension of the Wolffork oil shale play in Project Pangea, and may also be prospective for the shallower San Andres and deeper Canyon sands, Strawn and Ellenburger formations. We plan to begin to delineate the Wolffork trend across the new acreage during the second half of 2011."