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PostRock Energy Corp in Woodford Shale Joint Venture

Thursday, 12 Jun 2014 05:26pm EDT 

PostRock Energy Corp:Enters into joint venture (JV) with Silver Creek Oil & Gas, LLC (Silver Creek) covering approximately 17,900 gross acres in Cleveland and Pottawatomie Counties in central Oklahoma.JV, which will facilitate drilling of the initial Woodford horizontal tests in the area, includes a portion of the leasehold PostRock acquired in late 2013.First two horizontal wells, both targeting the Woodford Shale, should be drilled and completed by year-end.JV includes an acre for acre swap between PostRock and Silver Creek of about 3,800 total net acres in 28 sections.Ownership split in development area will be 30 pct PostRock and 70 pct Silver Creek, with Silver Creek serving as the operator.Trade broadens Company's leasehold interest to an additional 16 sections.Covered acreage may increase through acquisition after poolings are completed.In connection with the JV, PostRock is selling about 1,150 net acres to Silver Creek for $466,000 in cash. 

Company Quote

26 Mar 2015