Petrol completes Kansas acquisition

Ray Tyson

Petrol Oil and Gas has completed its $10 million acquisition of leasehold rights to about 10,000 acres and 71 producing gas wells in the Thayer gas field in southeast Kansas, Petrol said Nov. 8. The producing property, Petrol-Neodesa, is in a coalbed methane producing area in Wilson and Neosho counties and currently produces about 3 million cubic feet of gas per day from 71 wells. Petrol-Neodesa has room for an additional 100 drillable locations.

“We believe that this acquisition dramatically changes the current and future prospects for Petrol Oil and Gas,” said Paul Branagan, Petrol’s president and chief executive officer. “With multiple CBM project areas under production we expect to be a much better balanced company and able to provide linkage between all our Cherokee basin CBM properties.”