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."
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