Next Generation Energy Corp., Lorton, Virginia, (OTCBB: NGMC) has acquired a royalty interest in a producing, prolific natural gas well in the well known Haynesville Shale formation in Louisiana, which produces more than 230,000 Mcf per month.
"The well was newly completed as of January 2011," says Darryl Reed, CEO. "The mineral interest acquired will produce revenues from this well and any new wells planned in the Unit, which includes approximately 600 acres. This well is operated by Chesapeake Operating, a unit of Chesapeake Energy (NYSE: CHK), the second-largest producer of natural gas, a Top 15 producer of oil and natural gas liquids and the most active driller of new wells in the U.S."
"We are very excited about this well since it was just completed and is at the top of its production life," adds Reed. "This acquisition is NGMC's second this month and keeps us on track with our aggressive growth plans that include acquiring quality, producing natural gas and oil properties operated by experienced, leading companies."
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