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Update:
Lexington acquires Arkoma Basin gas prospect
(4/28/2004 - OGI: Houston) Lexington Resources said today it has closed the
purchase of a lease of 1,536 acres of the Coal Creek CBM Gas Prospect
located in Hughes and Pittsburg Counties, Oklahoma.
Further lands under negotiation that form part of the same prospect may also
be acquired. The company has paid a total of US$422,500 pursuant to the Coal
Creek lease purchase agreement. The prospect's area of mutual interest is
comprised of approximately 10,240 gross acres. The company's drilling rights
on the acquired acreage relate to all possible producing zones including the
Hartshorne coal at approximately 3,500 to 4,000 ft and all higher zones. The
Hartshorne coal is the primary producing reservoir coal ranked in the medium
to high volatile bituminous category known for CBM production. The company
plans for drilling of further horizontal wells into the coal seams located
on the prospect. This is the company's third land acquisition since changing
its primary business operations to oil and gas development late last year,
and brings drillable gas target inventory to approximately 3,872 acres in
Oklahoma.
Click here for earlier report.
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