Westmont Resources reported that the company has signed an agreement to acquire oil and gas leasehold in the Northeastern United States. The company said that the acreage has exposure to the Marcellus Shale, an emerging and prolific source of natural gas.
Westmont Resources said that the deal includes 233 acres of leasehold and eight producing wells in the southwestern part of Pennsylvania. The company estimates that the value of the potential resources and current production on the acreage is $7.2 million. Westmont Resources did not disclose the identity of the seller or the price that the company will pay.
The energy industry has been rapidly developing the Marcellus Shale as it seeks to locate domestic sources of hydrocarbons. Geologists have estimated that the Marcellus Shale may contain up to 500 trillion cubic feet of natural gas. The Marcellus Shale underlies many areas in the Northeast and Mid Atlantic regions of the United States including New York, Pennsylvania, Ohio, West Virginia, Virginia, and Maryland.
Westmont Resources is also exploring and developing for oil and gas in other areas in the United States. The company has three acreage blocks in Tennessee with exposure to the Chattanooga Shale, and has 120 producing wells in various parts of Pennsylvania and West Virginia.
For more information on the company, go to www.westmontresources.com
Let us hear your thoughts below: