Panhandle Oil and Gas has completed the acquisition of certain Eagle Ford assets in La Salle and Frio counties.
The estimated total cost of the assets is USD $80,400,000. The deal was originally announced in May of this year and was funded by using the company’s bank credit facility. The assets were purchased from private sellers and include a 16 percent non-operated working interest in an 11, 100 gross leasehold acres block that has lots of active production. It includes 63 producing wells (57 Eagle Ford, five Pearsall and one Buda), one well being drilled and 109 undeveloped Eagle Ford locations. Three wells are in the process of being completed. The average is 825 boe per day (which is 80 percent oil). There were five new wells, which began production in May and were on line for a partial month.