Superior Oil buys Barnett Shale lease, negotiating other deals in three states

Ray Tyson

Petroleum News Houston correspondent

Superior Oil & Gas Co. said July 12 that it has purchased a 112-acre lease from an undisclosed independent in Cooke County, Texas.

Superior said July 12 that the lease is in the prolific Barnett Shale field of North Texas and that it has obtained an option to acquire an additional 7,000 acres in Montague and Wise Counties, Texas. The acreage is an offset to a number of currently producing wells in the Barnett Shale formation, the company said.

Superior said it is in negotiations to purchase several producing oil and gas leases in Texas, Oklahoma and Colorado. The company said also it is in negotiations for the purchase of a natural gas transmission and gathering system in Texas.