Momentum Oil & Gas has entered into a purchase and sale agreement with Newfield Exploration to acquire oil and gas assets in Fashing Field, Texas, US, for an undisclosed amount.
Fashing Field is the largest Edwards gas discovery in Texas with over 1.2 trillion cubic feet of natural gas produced to date.
The assets include 60 wells with a current net production of 3.8 million cubic feet of gas equivalent per day, 6% of which is condensate and 9% is natural gas liquids.
Momentum will operate 16 wells with a 100% working interest, and the remaining wells will be operated by a third party, with Momentum holding a 47% working interest.
Momentum has identified a number of proved, probable and possible work-over and drilling candidates to enhance production.