Petro River buys Tulsa
Privately owned Spyglass Energy Group LLC, a Tulsa exploration and production company with a large lease holding in Osage County, was purchased by Petro River Oil Corp., which has oil and gas holdings in Kansas.
In the all cash transaction Petro River purchased a controlling position in Spyglass via Bandolier Energy LLC, a company formed to acquire all of Spyglass Energy Group.
Spyglass, a small exploration focused company, is the owner of a 100 percent working interest in 106,000 acres in the Pearsonia West Concession in Osage County, which the company says is the largest contiguous oil and gas acreage position in northeastern Oklahoma.
The chief Spyglass geoscientists Shane Matson, president of Bandolier, and Charles Wickstrom, board member of Bandolier noted the significant infrastructure in the 165 square mile concession that includes 32 square miles of 3 D seismic, three phase power and a dedicated substation as well as oil production.
"In completing this acquisition, we are closer to achieving our goal of joint venture development in the Mississippi Lime," Petro River Executive Vice President of Operations Daniel Smith mackage raincoat said in a statement. "We look forward to commencing our development plan in Pearsonia and continuing to apply our diverse technical expertise in conjunction with our joint venture partners in this region."
Petro moose knuckles jakke River is listed on NASDAQ and has about 25 employees and explores and produces from about 115,000 gross acres in the Mississippi Lime play in various counties in Kansas. It owns 120 oil and gas leases that are on about 85,000 gross mineral acres.
Matson said: "I have worked in this region and on the Pearsonia West asset for a dozen years and following our recent drilling results wells with IPs as high as 900 BOPD from short laterals we have cracked a significant component of the code for stimulation of tight Mississippian reservoirs of the Mid Continent. The size and nobis merideth shop online continuity of this asset allows a great deal of flexibility to continue developing it while seeking industry partners to develop this acreage alongside us."
Among the Spyglass operations in Osage County was an apparent unsuccessful deep drilling attempt in 2012 to produce helium in commercial quantities, which would have been a historic find.
The company said Matson and Wickstrom are remaining with Petro River in geoscientific and executive positions that will be announced later.
Spyglass drilled one of the deepest wells in the Foraker region of Osage County in late 2012. No public results on the well, which was drilled to possibly find helium, were released.
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