Allenergy snatches prime ‘Kelly Lease’ in Oklahoma - August 29, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2004

Vol. 9, No. 35

Week of August 29, 2004

Allenergy snatches prime ‘Kelly Lease’ in Oklahoma

Ray Tyson

Independent producer Allenergy said it purchased a 430-acre premium gas lease in Okmulgee County of northeastern Oklahoma known as the “Kelly Lease” from an undisclosed seller.

The parcel contains 10 wells, two of which are free-flowing and eight that are fully equipped, shut-in and ready to be brought online and into production, Allenergy said Aug. 25, adding that eight to 10 additional development sites also are located on this lease.

The property is adjacent to the highly-productive Okfuskee County area, which has multiple producing zones and where the new “Caney Shale” zone is currently being tested, Allenergy noted.

The Kelly lease was purchased on a three-year note that will be paid with 15 percent of gross production, Allenergy said.

The company said it is in negotiations on other leases.

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