Northumberland Continues Expansion With Addition of 13 Oil, Gas and Disposal Wells
(firmenpresse) - LAS VEGAS, NV -- (Marketwire) -- 11/02/11 -- Northumberland Resources (OTCBB: NHUR), a highly focused, risk-averse oil and gas exploration company with a strategy of building a substantial portfolio of oil and gas assets in the onshore U.S. is pleased to announce the Company has increased its Oil lease holdings with the multiple acquisition of an additional 1040 acres of productive oil and gas leases. Two leases located in Pratt County, KS were purchased at auction consisting of six wells with a 100% Working Interest of 82% Net Revenue Interest. These six wells leases are directly adjacent to our existing leases and will integrate the 6 fields and maximize efficiency and production. Included in the purchase is a gas compression station which will enhance flows from current operations.
Northumberland also purchased a 30% interest in seven wells from Lasso Energy, LLC's 80% Net Revenue Interest in three leases in Barton and Stafford County, Kansas with seven active wells. There are four oil producing wells, two disposal wells and one injection well. The purchase will immediately add cash flow in October and expand our daily oil and gas production levels. The three leases contain 680 gross acres. The current gross oil production combined is 12.25 BOPD and the current net oil production is 10.19 BOPD. Additional information on this strategic acquisition and our oil and gas holdings is available on our website. We have estimated the new projects to show a 20 to 30% annual return on investment.
Northumberland will be adding additional oil and gas production in the 4th quarter as it continues to expand its holding through infield production, further acquisitions and additional exploration projects. The Company currently has 27 Oil, Gas and SWD wells, with interests in 2160 acres of prime leaseholds.
The Company has launched its "Beta" website at
Additional data on the Company is available through Yahoo Finance at
SAFE HARBOR
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release are covered under "SAFE HARBOR," that is on the Company's Website under "NEWS."
CONTACT:
Peter Hewitt
Director
1-253-432-1233
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Datum: 02.11.2011 - 05:00 Uhr
Sprache: Deutsch
News-ID 82793
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LAS VEGAS, NV
Kategorie:
Machinery & Tools
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