Globex Oil and Gas Corporation doubles gross production through acquisition of interest in the Benson field, Sabine Parish, Louisiana.
Globex Oil and Gas Corporation has acquired interest in the Benson field, which is operated by Chesapeake Energy. Gross production from the company's portion of the field is 6.5 MMscf/d (1,083 barrels of oil equivalent per day), all of which is currently from the Haynesville Shale formation at approximately 12,500ft below the ground. All the leases are currently held by production, and there are 31 identified future Haynesville drilling locations within the leases. There is also additional Cotton Valley prospectivity within the leases, which can be developed in the future.
Frederik Tufte, the CFO of the Company commented: "This acquisition is in line with our strategy of acquiring high quality producing properties and gives us exposure to a second major gas field in the US. We are very pleased that the asset is operated by Chesapeake Energy, who continue to be one of the leading companies in development and production of shale oil and gas."
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More
Related Companies