Energy Hunter Resources Inc. will acquire mineral rights under about 320 gross Permian Basin acres in Howard County, Texas, where about nine wells can be drilled. An active drilling program is underway on the acreage, the company said Sept. 28.
Energy Hunter entered into an agreement to acquire the mineral rights.
The offset wells are targeting the Lower Spraberry and Wolfcamp A, while potential horizontal development exists in the Wolfcamp B and Wolfcamp C benches as well.
Gary C. Evans, chairman and CEO, said the acreage is in the core of the Midland Basin. As of Sept. 23, there were 168 horizontal drilling rigs, total, running in the West Texas Permian, he said, adding that this number was up 211% from a low of 53 drilling rigs operating in April.
A 60-day due diligence period to confirm title is currently underway, and the transaction is anticipated to close within that time period, Dallas-based Energy Hunter said.
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