FORT WORTH, Texas, Oct. 30, 2020 /PRNewswire/ -- The Heartland Group Ventures, LLC ("Heartland"), a Fort Worth based oil and gas investment company, announced that on October 20, 2020, it entered into a material definitive agreement with its joint venture partner, Barron Petroleum LLC ("Barron") for a joint drilling venture in the newly discovered natural gas fields in Val Verde County.
Pursuant to the agreement, Heartland and Barron completed the all cash-purchase of two additional and contiguous natural gas leases and options in an undisclosed area of Val Verde County, including shallow and deep drilling rights, which will add to their existing assets in the region. The first lease was assigned to Heartland and Barron in September 2020, and the second lease was assigned in October 2020 bringing their total acreage in the area to 24,200 acres. These acquisitions were completed following the venture's recent discovery of a new field containing in excess of 417 billion cubic feet of natural gas.
Under the terms of the venture, Heartland and Barron will utilize their jointly held drilling assets and will equally share the costs associated with the drilling and completion of deep and shallow vertical wells. Further, they jointly own the proprietary 3D seismic data on the leased properties. Drilling and completion is anticipated to begin in the November - December 2020 timeframe, and planning for the project is already underway.
"We are excited to continue to grow our natural gas asset base in the region and further build our joint venture relationship with Barron Petroleum," said Rustin Brunson, Heartland's Fund Manager. "Our recent discovery with Barron has given us the opportunity to build our natural gas asset portfolio in a substantial and cost-effective manner." "Like others in the industry, we are closely watching markets and tailoring our long and short-term strategies accordingly." "We believe these acquisitions will go a long way toward building an energy asset portfolio with long-term viability and cost-effective operations."
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the joint venture with Barron Petroleum and anticipated drilling. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside management's control.
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SOURCE Heartland Group Ventures, LLC