New Times Energy Corp. Ltd. has purchased an oil and gas operating company, an additional seven wellbores and 280 acres located in the Uinta Basin, Utah, adding New Times' total number of wells in the basin to 39.

According to the agreement signed between the group and Tiger Energy Partners Utah Acq. LLC, New Times Energy acquires a 100% working interest in the 80% net revenue interest of seven wellbores in Uinta County, Utah; 280 acres, or approximately 40 acres per well, in the leases immediately surrounding these wells; and Tiger Energy Operating LLC, a company licensed and bonded to operate oil and gas leases in the state of Utah.

The newly acquired seven wells are located very close to the group's existing two workover wells in the Willow Creek area of the Uinta Basin. One of the wells will be used as an injector to stimulate the other wells and re-establish production in the remaining wells. The group intends to utilize advanced technology in drilling, logging, completion methods, and equipment to achieve maximum efficiency and cost effectiveness in drilling and developing its acreage and oil and gas reserves.