GTK Resources (GTK) has acquired ownership of working interests of the jointly owned properties as a result of a settlement of legal action between Metro Energy (Metro) and other parties with rights to the oil and gas properties. As a result of the settlement, Metro relinquished operations in the Oklahoma project to GTK or a designated operator. GTK has designated Trey Resources as operator of these joint wells in Oklahoma.
As a part of negotiating joint operating agreements for the jointly held properties, Trey has agreed to take over the operations of K2 Energy’s ten 100% working interest wells in the Bad Creek project in Oklahoma. Trey would be officially appointed as operator for all 31 wells upon completion of the transfer process with the Oklahoma corporation commission.
Trey and K2 Energy will review all geological and engineering data for the project with a view to developing and implementing a revised exploration and development plan for the Bad Creek project, which has potential for resource plays in the Caney and Woodford shale gas play as well as additional oil and gas potential.
