LITTLE ROCK — An Oklahoma City-based firm says it will purchase more than 1,500 acres of leasehold and almost 200 non-operated natural gas wells in the Fayetteville Shale.
Panhandle Oil and Gas said in a statement that it expects to close on the $17.5 million deal late this month.
"We are pleased to be able to add this package of high quality properties to our existing holdings in the Fayetteville (Shale)," Panhandle President and CEO Michael C. Coffman said in the statement. "These properties will increase our acreage holdings in the core area of the Fayetteville by 18 percent and the current production from the properties will increase total Panhandle production by approximately 12 percent."
The company said the 193 wells and 1,531 acres of leasehold are located in Van Buren, Conway and Cleburne Counties.