AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
WRT Energy Corp. has signed letters of intent to purchase a total of 4,200 gross acres of oil and gas leases in seven pre-1950 onshore oil and gas fields in Louisiana.
The leases, located in Assumption, Iberia, LaFourche, Terrebonne and Vermillion parishes, contain 36 producing and 29 shut-in wells with preliminary estimated reserves of 4.3 million bbl of oil and 63.4 bcf of gas.
The purchase, with a total consideration payable to the two privately owned sellers of $62.8 million in cash and the rest in stock, will effectively more than double the size of WRT Energy, said President Steven McGuire.
"Each of these planned acquisitions represent a core …