Tengasco to Purchase Kansas Oil Producing Properties
Posted on: Tuesday, 3 June 2008, 09:01 CDT
Tengasco, which is involved in the exploration, production and transportation of oil and natural gas, has signed a letter of agreement with Black Diamond Oil to purchase approximately 80 barrels per day of oil producing properties and related leases and equipment in Rooks County, Kansas, for $5.35 million.
Closing of the purchase is expected to occur on or before July 1, 2008. The sale includes the purchase of producing oil wells and saltwater disposal wells, equipment, and the underlying working interests in leases that have been owned and operated by Black Diamond for many years.
Jeffrey Bailey, president of Tengasco, said: "We are very pleased to acquire these producing properties from Black Diamond which are a good fit with our existing properties in Kansas. This will immediately add about 80 barrels per day of production to the approximately 600 barrels per day that we currently produce in Kansas."
Source: Datamonitor
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