Galaxy boosts ownership in CBM

Ray Tyson

Petroleum News Houston correspondent

Denver’s Galaxy Energy, through its Dolphin Energy subsidiary, said it has increased its working interest by an average 50 percent in about 8,950 gross acres on the Pipeline Ridge, Buffalo Run East and West, Horse Hill, and Dutch Creek coalbed methane properties near Sheridan, Wyo.

The independent said April 19 that the acquisition boosted its working interest to near 100 percent in about 12,000 gross acres and includes 63 wells that are in various stages of drilling, completion, and connection to infrastructure facilities. The acquisition price for the additional working interest was $300,000 cash and 360,000 shares of restricted stock, Galaxy said.

Elsewhere in the Powder River basin, Dolphin has tendered payments of $1.69 million and $47,500, respectively, to earn an assignment of its 12.5 percent working interest in about 206,000 gross acres, and its 25 percent working interest in roughly 26,600 additional acres in Montana.