HOUSTON, TX–(Marketwired – November 16, 2017) – A wholly-owned subsidiary of Tellurian Inc. (Tellurian) (NASDAQ: TELL) has closed the previously announced agreement with Rockcliff Energy Operating LLC (“Rockcliff”) to purchase natural gas producing assets and undeveloped acreage in northern Louisiana for $85.1 million, subject to customary adjustments.
The assets include approximately four million cubic feet per day of natural gas production, approximately 1.3 Tcf of gas resource, and approximately 138 drilling locations, which Tellurian believes will be able to be produced and delivered to market for an estimated $2.25 per mmBtu. The assets are 100% held by production and 92% operated, allowing Tellurian to control the pace of development for its multi-year drilling inventory.
President and CEO Meg Gentle said, “Acquisition of natural gas producing acreage in the core of the Haynesville provides the foundation for a growing portfolio of assets that we expect can produce LNG for a cost of $3.00 per mmBtu, FOB U.S. Gulf Coast, when Driftwood LNG begins operations in 2022.”
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle. Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitability delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.