By OGJ editors
HOUSTON, May 23 -- Cadence Resources Corp. of Traverse City, Mich., has signed a letter of intent to acquire from an undisclosed owner two projects producing natural gas from Devonian Antrim shale in northern Michigan.
The deal includes 11 wells with production exceeding 500 Mcfd and leases covering 5,000 acres.
Cadence earlier reported plans to acquire the interests of O.I.L. Energy Corp. and affiliates in Antrim shale gas production in the Hudson project in northern Michigan (OGJ Online, Jan. 17, 2006).
The company recently began dewatering 12 wells in the Black Bear Central and Arrowhead Antrim Units and will bring 22 others on line soon.