Preliminary estimates indicate that the value of the reserves associated with these 1,800 lease acres in Westmoreland County of Western Pennsylvania from the existing 60 wells located on the leases could amount to nearly $36m, the company said.
Westmont believes that with additional exploration an additional 30 wells could be drilled on the leased acreage increasing the potential reserves for the entire project by an estimated $18m, or a combined estimated value for the new Pennsylvania leases of $54m. This is based on the company’s review of other assessments and production in the immediate area.
Westmont Resources has been working to obtain oil and gas leases in the Marcellus and Chattanooga Shale Region. Representing roughly 61,000 square miles, stretches from Upper New York, through western Pennsylvania and into eastern Ohio and most of Kentucky and West Virginia and parts of Virginia and Eastern Tennessee.
Westmont’s portfolio, in addition to this recent acquisition in the Pennsylvania Marcellus Shale region, includes development of two significant blocks in the Chattanooga Shale region in northern Tennessee consisting of 92 wells, and an additional 1,650 lease acres in West Virginia.
