Black Hills completes acquisition of Mallon Resources Corp.

By OGJ editors

HOUSTON, Mar. 12 -- Black Hills Corp., Rapid City, SD, completed the $53 million acquisition of Mallon Resources Corp., Denver, saying it will soon launch a drilling and workover program and expects to recover more gas from Mallon's leasehold in northwestern New Mexico.

Mallon had 53.3 bcf of reserves as of yearend 2001 on Jicarilla Apache Nation lands, mostly gas in shallow sands (OGJ Online, Oct. 21, 2002). The 56,000 net acres are mostly on a contiguous block in early development stages.

Black Hills believes the shallow sands could yield additional reserves and that gas could be recoverable from deeper unexplored horizons that produce elsewhere in the San Juan basin.

The properties produce 12 Mmcfed, and Mallon operated 152 of the 174 gas and oil wells with 90-100% average working interests.

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