Ness increases Barnett Shale acreage, in contract talks with unnamed major independent

Ray Tyson

Petroleum News Houston correspondent

Ness Energy International has acquired more acreage in the prolific Barnett Shale gas play of East Texas and currently is in “contract talks” with an unidentified major independent that should result in its quarterly results exceeding previous forecasts, the company said June 24.

Large exploration and production independents currently active in the Barnett Shale include Devon Energy, Anadarko Petroleum and XTO Energy.

Ness said that over the past month it has acquired the rights to explore and drill on about 3,500 acres in the Fort Worth basin. The company already held rights to about 10,000 acres in the region.

“These additional leases … will again supply Ness with an opportunity for additional accelerated growth by directly working with larger independents seeking the vast resources of the Barnett Shale formation,” Ness said.

A recent U.S. Geological Survey assessment of the Barnett Shale concluded that the area holds gas reserves of nearly 30 trillion cubic feet. “These figures are expected to increase in the near future as technology continues to advance and drilling continues,” Ness said.