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Alpha Energy acquires oil and gas assets in Oklahoma

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Alpha Energy, Inc. has announced that it has signed a definitive purchase and sale agreement with Premier Gas Co., LLC to acquire oil and gas assets in Oklahoma, US, in the Rogers Project.

Rogers Project

In the statement, Alpha Energy claims that one of the acquisitions it has targeted is a shallow gas well prospect in Rogers County, Oklahoma. The well reportedly consists of approximately 3429 acres of proven developed and non-developed oil and gas leases. The leases contain 126 wells, four salt-water injection wells and well production equipment. Included is 20.5 miles of 4 in. gas gathering lines, four miles of 2 in. saltwater gathering lines, two delivery connections for natural gas sales and one LTX-LNG natural gas processing equipment.

As the infrastructure currently exists, it will reduce the capital necessary to increase production. Once the acquisition is complete, the first objective is to recomplete, rework and repair older equipment. Once the first phase is complete and cash flow is established, phase two will be implemented. In phase two, Alpha Energy claims that it will drill shallow wells in order to test formations from the Bartlesville (600') to the bottom of the Granite (2520'). This will increase total production and add reserves.

John Lepin, Chairman and Chief Financial Officer, said: “We have acquired the Rogers County Project from Premiere Gas Co. This project has excellent potential for production growth by producing existing wells, completing some of the defined margin wells in the upper zones, drill and complete offset locations on the current leases, lease additional acreage and develop for increased production. The leases and wells are located within three different areas in Rogers County. Upon acquisition, the first objective is to recomplete, rework and repair older equipment. Once the first phase is complete and cash flow is established, shallow well drilling will commence with phase two to test formations from the Bartlesville (600') to the bottom of the Granite Wash (2520'). This will increase total production and add reserves.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/18032019/alpha-energy-acquires-oil-and-gas-assets-in-oklahoma/

 

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