More than 10,000 net mineral acres in the Mississippi and Woodford formations in Logan County, Okla., were leased to Sundance Energy Australia Ltd. (ASX: SEA.AX) the company said Jan. 6. Sundance currently has contiguous acreage in the county. And the acquisition of the new acreage, made through a Lease Acquisition Agreement (LAA), brings the company’s total holding to roughly 41,000 net mineral acres, the company said.
The LAA was made with Sundance for $5,900,000, the company added.
Sundance is operating a two-rig horizontal drilling program to appraise its Logan County project. In November 2013, its assets there produced roughly 825 barrels of oil equivalent per day (BOE/d) net of royalties, the company added.
The LAA is subject to due diligence and closing conditions, with closing expected in March 2014.
Sundance Energy is headquartered in Denver, Colo. Sundance Energy Australia Ltd. explores, develops and produces oil and natural gas throughout North America.
Recommended Reading
Baltimore Port Closure Could Dent US Coal Export Volumes, EIA Says
2024-03-28 - Baltimore handled exports of 28 million short tons last year, making up 28% of total U.S. coal exports.
What's Affecting Oil Prices This Week? (Feb. 26, 2024)
2024-02-26 - Stratas Advisors forecast that global crude production will be essentially unchanged from 2023, which means that demand growth in 2024 will outpace supply growth.
US Oil Stockpiles Surge as Prices Dip, Production Remains Elevated
2024-02-14 - EIA reported crude oil stocks increased by 12.8 MMbbl as February began, far outstripping expectations.
Shipping Traffic Freezes Up in Port Waters After Baltimore Bridge Collapse
2024-03-26 - U.S. port of Baltimore traffic was suspended until further notice following a bridge collapse. At least 13 vessels expected to load coal were anchored near the port at the time of the incident.
What's Affecting Oil Prices This Week? (Feb. 5, 2024)
2024-02-05 - Stratas Advisors says the U.S.’ response (so far) to the recent attack on U.S. troops has been measured without direct confrontation of Iran, which reduces the possibility of oil flows being disrupted.