The company will acquire 25 producing oil wells, two water injection wells, and associated equipment all located in the Pine Grove oil field.
The wells, which are drilled to an average depth of 1,400ft and produce from the Devonian Clear Creek formation, are located on a leasehold base of five individual leases covering about 600 acres.
Inclusive within the acquisition, E 2 Investments, a wholly owned subsidiary of US Natural Gas Corp, will acquire 182 acres of mineral rights.
US Natural Gas Corp is principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties.
