Westmont Resources Inc. announced that the company has signed an agreement to acquire additional oil and gas leases in West Virginia.
Westmont Resources Inc. said that the acreage is prospective for the Marcellus Shale formation. The Marcellus Shale is a natural gas formation that underlies major portions of Pennsylvania, New York, West Virginia and several other states.
The leases are located in Wetzel County, and comprise 1600 acres and 60 existing producing wells. Westmont Resources Inc. estimates that the potential reserves on the site are valued at $19.7 million.
Westmont Resources Inc. said that the leases have enough room to drill an additional 30 wells, increasing the value of the resources by another $9.3 million.
Westmont Resources Inc. also owns several other oil and gas leases in the United States. The company has two separate acreage blocks in Tennessee that are prospective for the Chattanooga Shale. These properties have a combined total of 138 wells producing currently.
Westmont Resources Inc. also has an 1,800 acre mineral lease in Pennsylvania with 60 producing wells. The company is also involved in a joint venture in the Williston Basin in North Dakota.
For more information on the company, go to www.westmontresources.com
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