The purchase agreement includes assets located in the Elm Grove and Caspiana oil and gas fields, 700 active wells in the Cotton Valley formation, as well as about 1,200 wellbores with their associated gathering lines and compressor facilities. It does not include BHP's unconventional oil and gas assets in the Haynesville Shale.
The wells already producing oil and gas will immediately add to J-W Operating Company's current output.
Another subsidiary of J-W Energy Company announced good news in November. J-W Wireline Company signed an agreement to be acquired by FTS International, one of the largest well completion service businesses in North America, according to the press release. J-W Wireline Company will dramatically increase FTSI's capacity and extend service throughout the Permian Basin, Eagle Ford, Marcellus, Utica, Haynesville and other shale regions.
"We look forward to becoming part of the FTSI team and believe this combination provides improved opportunities for our employees and expanded solutions for both J-W Wireline and FTSI customers," said J-W Wireline President Perry Harris, according to the release.