Jones Energy acquires acreage in Texas Panhandle

Jones Energy Inc.

Jones Energy Inc. (NYSE: JONE) has acquired a contiguous block of 5,120 net acres in Hutchinson County, Texas, prospective for its primary drilling target, the Cleveland sandstone. The lease was acquired on commercial terms similar to recent lease activity by Jones Energy.

The lease terms provide Jones Energy with 100% working interest at all depths. The initial block represents 40 net drilling locations in the Cleveland formation, which equates to half a year of drilling inventory at current activity levels.

Drilling activity on the new lease acreage is expected to begin in early 2015. Jones has proprietary access to 3D seismic imaging over the newly acquired leasehold and has initiated reprocessing the data. As part of the lease option agreement, Jones retains the right to acquire up to an additional 63,000 net acres over a multi-year period under terms similar to the initial lease agreement.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...