Deals - Acquisition, Mergers, Divestitures
Strike Energy Enters Eagle Ford Shale with JV
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Strike has signed the joint venture agreement governing the Eagle Ford Shale Exploration in Texas.
Under the terms of the joint venture, Strike has secured a 27.5 per cent stake in the venture, which also includes four Texas-based companies. The joint venture is formally named Eagle Landing Joint Venture.
Currently the joint venture has secured 12,400 acres, with 3,410 acres net to Strike. This acreage has been acquired over the last 12 months and the leasing activities will be ongoing for several months.
The majority of the leases are located in Fayette County, Texas, which are on trend with high activity areas in Gonzales and De Witt Counties being drilled primarily by EOG and Petrohawk. Published projected recoveries in these areas range of 450,000 to 1,000,000 barrels of oil…
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