Wentworth Energy acquires two producing wells on East Texas Mineral Block
Wentworth Energy, Inc. has purchased a 50% working interest in two producing gas wells in Freestone County, Texas. The two wells, and the acreage they hold by production, are important to the on-going development of Wentworth Energy’s 27,557-acre mineral block. Wentworth Energy takes possession and becomes operator of the Shiloh #1 and Shiloh #3 wells effective today providing the Company with immediate production revenue on top of its existing royalties from the wells.
”We acquired these two wells to gain access to 640 acres of our mineral block that was previously unavailable to us,” said Tom Temples, Wentworth Energy Vice President of Exploration and Production. ”Wentworth Energy believes there are a minimum of four offset locations from these wells that the Company plans to develop to add additional reserves and production in several formations. Until we became an owner of the wells we could not drill any new wells on the 640 acres.”
”The two wells are currently producing at a combined rate of 5.8 million cubic feet of gas per month. The remaining proved producing reserves from the Cotton Valley formation for these wells are estimated at 90 million cubic feet of gas. There are other productive zones behind pipe in these two well bores including the Rodessa and Woodbine formations,” Temples added.
The two acquired wells are located on Wentworth Energy’s 27,557-acre mineral block south of the Company’s Red Lake Gas Unit #1-R well.