Energy Central Professional

 

United Energy announces major acquisition update


Indian Oil And Gas News  

 

    October 07 -- United Energy has announced that it has signed a purchase agreement for a 140 mile natural gas pipeline in Wagoner County, Oklahoma, formerly owned by Red Fork Energy.

    This asset has 140+ miles of 3 to 16 in. transmission lines, including a 12 in. steel pipeline – capacity up to 20 000 thousand ft3/d and comprises 5000+ acres leasehold, and 89 company-owned wells with substantial Woodford Shale development opportunities. Closing is expected in October pending final due diligence.

    “Natural gas midstream assets are true gems in the current environment. Acquisition of the Wagoner Pipeline also opens numerous opportunities for stranded gas that hasn’t been able to capitalise on current commodity prices,” said Brian Guinn, CEO of United Energy Corporation.

    In August 2021, UNRG announced the acquisition of a strategic asset combination in the Cherokee Basin, located in Northeastern Oklahoma and Southeastern Kansas. The Company purchased Entransco Energy, LLC, serving as the Company’s licensed Operator in Oklahoma and Kansas, adding 250+ Coalbed Methane Gas (CBM) wells, 32 000 acres, 118 miles of pipeline and related oil and gas assets to its portfolio.

    In addition, UNRG acquired 80 wells and 10 000 acres of CBM-producing wells from Montclair Energy – a project formerly known as ROCCS, the Rogers County Coal Seam Project.

    The Entransco acquisition also included 49% ownership in an additional 200 000 acres of non-operated oil and gas leases, 2200+ wells and 1000+ miles of natural gas pipelines formerly owned by Constellation Energy Partners and Newfield Exploration.

    UNRG forecasts 2500+ thousand ft3/d within 4Q21 and another 2000+ thousand ft3/d with the reactivation of the Wagoner Pipeline.

    UNRG will soon be rolling out a proprietary well-pumping solution for the production of CBM wells. This innovative pump dramatically reduces operating costs of water-producing wells, eliminating the surface pump jack and many high-maintenance pumping expenses that have burdened previous operators.

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