Surge Global buys Amazing Energy's oil and gas leases in Permian Basin

Surge Global buys Amazing Energy's oil and gas leases in Permian Basin

Surge Global Energy, Inc. has acquired 70,000 acres of oil and natural gas lease rights in the Permian Basin in western Texas. The oil and gas development company bought the rights in the field from Amazing Energy, Inc.

The two companies announced Aug. 22 they had signed a letter of intent for Surge Global to take over 100-percent working interest in future well development in the Texas field as well as other leasehold interests. Surge also now has a majority shareholder ownership of Amazing Energy.

Surge Global Energy CEO Clark Morton said final negotiations are being completed.

"Amazing Energy has an impressive oil and gas management and development team we have come to know very well over the past year," Morton said. "We are proud of what the team has accomplished to date and we are all eager to complete the funding for this project, maximize the development process and bring about an increased realization of oil and gas reserves."

Amazing Energy currently has 15 oil and gas development wells drilled in the Permian Basin, according to Morton.

More information about oil and gas drilling in the United States can be found at PennEnergy's research area.

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...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs