The oil and gas property includes 39 tracks located in the Knox County area of south eastern Kentucky.
According to the company, the property can support up to 80 wells and can generate $55m in gas and oil revenues at current energy prices.
Next Generation Energy CEO Darryl Reed said any increase in energy prices will be pure upside for the company.
"The state of Kentucky is very energy development friendly and offers a variety of rich geological resources through the University of Kentucky and the Kentucky Geological Survey," Reed said.
