The acquired assets consist of over 5,000 net acres and interests in 60 natural gas wells in Atascosa and Karnes Counties in Texas, with current net production of about 3.8 million cubic feet of gas equivalent per day.
The company is planning to implement a work-over program in 2011 and a drilling program in 2012 to enhance the oil and gas production.
US-based Momentum Oil & Gas was formed in late 2010 to acquire and develop oil and gas properties in the Mid-Continent and onshore Gulf Coast regions.
The company is an investment portfolio company of Kayne Anderson Energy Funds with an initial equity commitment of $50m.
