Independent Evergreen Resources Inc. said it has purchased the 48,000-acre Pioneer Unit from Ocean Energy and Union Oil of California for a cash price of approximately $960,000. The Denver-based firm acquired a 100 percent working interest in the prospective coal bed methane property, which lies about 30 miles northwest of Anchorage between Houston and Wasilla.
Evergreen said the acreage “also contains deeper pay potential in traditional natural gas reservoirs. The company believes the Pioneer Unit’s coal seams “may contain potential unrisked recoverable reserves of up to 500 billion cubic feet of gas.”
Evergreen also signed a joint venture agreement with a work commitment with J.M. Huber Corp. covering 29,000 acres of coal bed methane properties in Huerfano County, Colo., in the northern end of the Raton Basin. The properties are located approximately 20 miles north of Evergreen’s existing 258,000 acres of coal bed methane properties in Las Animas County, Colo.
Evergreen President and CEO Mark S. Sexton said of the purchases: “Evergreen continues to position itself for value creation through organic growth, well into the future. While our current development focus continues to be the Raton Basin, we have expanded our portfolio of unconventional natural gas projects in North America.”
Evergreen also has a coal bed methane project in the United Kingdom and has interests in other domestic and international areas.
s note: The full story will be in the Nov. 6 issue of Petroleum News
