The Adams Feed #1 well is located adjacent to the town of Ozona in Crockett county, Texas. As previously announced, Galloway Energy has secured a first right of refusal to participate in the gas project located on 12,900 acres in the Barnett Shale area of West Texas. The area is a well documented and prolific region benefiting from the presence of established companies such as Chesapeake Corporation, Devon Energy Corporation, EOG, XTO, and Quicksilver Exploration. The Barnett Shale has proven reserves of 2.5 trillion cubic feet (Tcf) which is far short of a reserve potential that may prove to be significantly closer to 30 cf or more. The property in question has over 115 working wells currently in production, as a result of which Galloway Energy’s participation will result in immediate cash flow for the company.
Shane Lowry, company president and chief executive officer commented, The news from West Texas is very promising and we look forward to announcing what we believe will be positive results in short order. Galloway is entering a growth phase and we look forward to turning our strategic aims into practical reality as quickly as possible.
