New York-based Fox Petroleum Inc. (Pinksheets: FXPT) plans to create a new subsidiary focused on acquiring, developing producing natural gas mineral rights primarily in the Fayetteville shale play in Arkansas.
"The timing this week could not be better as we have been looking at the Fayetteville shale for some time," says Fox Petroleum president William Lieberman. "Chesapeake Energy just announced that it intends to unload its Fayetteville shale assets in the upcoming year, and we feel that the opportunities in natural gas could not be better."
Fox intends to launch a comprehensive review of current producing wells, and is looking to acquire distressed mineral rights in the play.
"We expect to have our first acquisition target lined up in the upcoming weeks, and we look forward to announcing the first of many acquisitions throughout the year," adds Lieberman.
Recommended Reading
Equinor Acquires Stake in Standard Lithium Smackover Projects
2024-05-08 - Equinor’s transaction, completed effective May 7, includes interests in Standard Lithium’s flagship South West Arkansas Project and East Texas properties.
Crescent Point Divests Non-core Saskatchewan Assets to Saturn Oil & Gas
2024-05-07 - Crescent Point Energy is divesting non-core assets to boost its portfolio for long-term sustainability and repay debt.
Permian Resources Adds More Delaware Basin Acreage
2024-05-07 - Permian Resources also reported its integration of Earthstone Energy’s assets is ahead of schedule and raised expected annual synergies from the deal.
Evolution Petroleum Sees Production Uplift from SCOOP/STACK Deals
2024-05-07 - Evolution Petroleum said the company added 300 gross undeveloped locations and more than a dozen DUCs.
Riley Exploration Permian Closes Delaware Basin Bolt-on
2024-05-08 - Riley Exploration Permian said it added 13,900 acres and up to 25 net locations in Eddy County, New Mexico.