Tuesday, August 02, 2011
US Natural Gas Corp.
US Natural Gas has acquired leases totaling approximately 250 acres and three producing natural gas wells in Wayne County, West Virginia.
The Fuller No. 691 well was drilled and completed in 1962 to a depth of 3608' with production occurring from both the Coniferous and McKenzie-Keefer formations. The Company intends on replacing the above ground completion components prior to placing the No. 691 well into production.
The McGee No. 2 well was drilled and completed in 1959 to a depth of 3610' with production occurring from the Coniferous formation. The Company will install new well head and above ground completion components prior to placing this well into production.
The McGee No. 622 well was drilled and completed in 1960 to a depth of 1869'. The well was later deepened to a depth of 3944' with production occurring from both the McKenzie-Keefer and Tuscarora Sandstone formations. The Company will swab this well of any fluids within the wellbore and then place the well into production.
The Company's projected daily combined production from the three wells is on average 60 mcf/day. At current pricing for natural gas of $4.50/mcf, the Company's conservative two year revenue estimate is $200,000.
"The addition of these three wells in Wayne County, West Virginia compliments our portfolio of producing properties in the area," stated Wayne Anderson, President of US Natural Gas Corp. "It is our goal to have all required work completed and the wells tied into our gathering system prior to mid-September with revenue generated immediately thereafter."
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