HOUSTON, TX–(Marketwired – January 05, 2017) – Petrogas Company, Inc. (OTC PINK: PTCO) (“Petrogas” or “the Company”), today issued an update regarding its recent acquisition in Monroe County, Ohio.
In 2013, one of the largest natural gas reservoirs within the Utica shale formation was discovered in Monroe and Belmont County. Estimates peg the deposits at around 150 billion cubic feet.
Those two counties are in what’s known as the dry gas window and produce high volumes of pressurized natural gas that need little processing. They are home to Ohio’s biggest wells and have emerged as Ohio’s drilling hot spot.
The discovery quickly led to an acquisition rush in the area which is still ongoing. The Bureau of Land Management is slowly auctioning parcels for drilling, one of which Petrogas purchased last month.
According to data from Drilling Edge, natural gas production in 2013 was around 11 million MCF. In 2016 this number increased to approximately 200 million MCF.
As natural gas prices recover from 2015 lows, Petrogas expects drilling in the area to expand.
“We will do our best to make new acquisitions in Belmont and Monroe county and plan to participate in the next government auctions which tend to offer much better prices than purchasing acreage privately,” said Mr. Huang Yu, CEO of Petrogas Company.
“Energy prices continue going up, making this investment more attractive by the day for the company. Once we have accumulated a sizeable number of parcels in our portfolio we will look at beginning a drill program to extract liquified gas from our leases,” added Mr. Yu.
About Petrogas Company, Inc.
Petrogas Company, Inc. is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential. The Company’s growth strategy includes the acquisition of oil fields from distressed third parties at a substantial discount to value, and development of fields whose potential has not been fully maximized. For more information investors can visit www.petrogas-company.com.