Arkose Cantex acquires interest in Wyoming oilfield

Source:Cantex Energy Corp.

Cantex Energy Corp. will acquire a 60% Working Interest in the ESPY oil and gas field in Carbon County Wyoming.

Cantex Energy Corp. (Pink Sheets: CTXE) announced today that it has entered a Letter of Intent to acquire a 60% Working Interest in the ESPY oil and gas field in Carbon County Wyoming from Thorofare Resources Inc.

Paul Henley, CEO of Arkose, remarked, “We are very excited to be able to acquire this field. It has a solid track record of production, averaging 140 barrels of oil per day over the past two years, adding to our base of production. This is a transaction that has a history of being a performing commercial property, so adding this to our portfolio should not result in significant dilution to our shareholders.”

Bill Kerrigan, COO of Arkose, added, “The ESPY property not only brings Arkose current production, but there is meaningful upside to be obtained from some reworking of existing wells, and tremendous upside from new wells to be drilled in the Niobrara formation there.”

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

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs