DALLAS, Sept. 28, 2016 /PRNewswire/ — Energy Hunter Resources, Inc., an oil-focused energy company headquartered in Dallas, Texas (www.energyhunter.energy), today announced that it has entered into an agreement to acquire mineral rights under approximately 320 gross acres located in Howard County, Texas. Energy Hunter estimates that a total of nine wells can be drilled on this acreage position and an active drilling program is currently underway. The Lower Spraberry and Wolfcamp A are horizontal targets in the offset wells. Potential horizontal development exists in the Wolfcamp B and Wolfcamp C benches as well. A sixty day due diligence period to confirm title is currently in process and the transaction is anticipated to close within that time period.
Gary C. Evans, Chairman and Chief Executive Officer of Energy Hunter Resources said, “The pending mineral rights acquisition located in the core of the Midland Basin signals our continued commitment toward unlocking value in one of the most economic plays in North America. As of September 23, 2016, there were a total of 168 horizontal drilling rigs running in the Permian Basin of West Texas, up 211 percent from a low of 53 drilling rigs operating in April 2016. This continued recovery during a depressed commodity priced environment represents the fastest recovery of any U.S. resource play as an increasing number of E&P operators allocate capital toward regions that can generate superior economic returns.”
Evans continued, “Acquiring mineral rights located in strategic operating regions such as the Midland Basin complements our disciplined growth strategy as the investment in mineral rights provides an opportunity for positive cash flow without increasing future capital expenditures or suffering any operating cost burdens.”
About Energy Hunter Resources, Inc.
Energy Hunter Resources, Inc. is an independent, oil-focused exploration and production company headquartered in Dallas, Texas with a mission to own and operate properties within some of the most prolific resource plays in the United States. Initially focusing on the Eagle Ford Shale and Permian Basin, our aim is to create substantial shareholder value through a balanced program of acquisitions and low-risk development and exploitation opportunities utilizing horizontal drilling and fracture stimulation technology.