By OGJ editors
HOUSTON, Oct. 18 -- Edge Petroleum Corp., Houston, agreed to acquire oil and natural gas properties in South Texas from Contango Oil & Gas Co. for $50 million. The properties, in Jim Hogg County, produce primarily from the Queen City formation.
As of July 1, Edge estimated the properties contain 16 bcfe of proved producing reserves and 2.3 bcfe of proved undeveloped reserves.
The properties include 38 nonoperated producing wells with an average 68% working interest and 52% net revenue interest. Current net production from the properties is 12 MMcfde, 90% gas.