DALLAS, Nov. 16, 2017 /PRNewswire/ — Energy Hunter Resources, Inc., an exploration and production company headquartered in Dallas, Texas (www.energyhunter.energy), announced today that it reached an agreement with an undisclosed purchaser to divest it’s ownership interest in certain mineral rights located in Howard County, Texas. The lower Sprayberry and Wolfcamp A were horizontal targets on these mineral rights. Potential horizontal development also exists in the Wolfcamp B and Wolfcamp C benches.
Since acquiring these ownership rights late last year for approximately $300,000, a total of three wells have been drilled and completed on these mineral rights with additional wells currently in the permitting stage.
Under terms of the agreement, Energy Hunter Resources sold 100 percent of its ownership interest in the mineral rights outlined above for $750,000, with a November 1 2017 effective date. This resulted in a 150 percent return on its investment in less than one year.
Gary C. Evans, Chairman & CEO of Energy Hunter Resources, Inc., said, “The reason to acquire mineral rights in the Permian Basin was always a short-term focused decision designed to leverage our expertise in the sector and obtain a minor ownership position in a core area of the Permian Basin. We watched the value of our mineral rights in the Permian Basin significantly increase as additional wells were drilled and completed on the properties. The decision to sell these assets now will enable us to reinvest the proceeds in our new core region of the San Andres oil play located in the Permian Basin and provide additional working capital to the Company.”
About Energy Hunter Resources, Inc.
Energy Hunter Resources, Inc. is an independent oil 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, Energy Hunter’s aim is to create substantial shareholder value through a balanced program of acquisitions and low-risk development and exploitation opportunities utilizing current generation horizontal drilling and fracture stimulation technology.