Houston-based Indigo Minerals LLC announced the completion of the purchase of Preston Exploration’s East Texas Cotton Valley assets located in Harrison, Panola, Rusk and Upshur counties, Texas. The assets include 39 vertical wellbores with net production of ~3 mmcfepd.
Along with the wells, Indigo acquired an acreage position of approximately 12,200 net acres, the majority of which is held by production. Indigo estimates that these East Texas properties contain 30+ horizontal Cotton Valley locations and plans to move a rig onto the assets in Q1 2014 in order to further develop these wet gas reserves.
Lantana Oil & Gas Partners was divestment advisor to Preston Exploration.
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