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.”