The deal is expected to close occur prior to the end of February.
The GV No. 1 well was drilled and completed in September 1987 to a total depth of 1,257ft, while the GV No. 7 well was drilled and completed in October 1995 to a total depth of 1,280ft.
The production of the GV No. 1 well is at the interval of 15 barrels of oil/day (BOD) naturally and current production is 1 at 1.5 BOD.
The GV No. 7 initial production stood at 10 BOD naturally while current production is 2.5 BOD.
The No. 1 well is may be taken up for stage two treatment of both the Dutch Creek and Devonian Clear Creek formations.
US Natural Gas Corp is principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties.
