Louisiana: Sanchez to buy Catahoula Lake interest

By OGJ editors

Sanchez Oil & Gas Group will purchase the Catahoula Lake project in LaSalle, Rapides, and Grant parishes, La., from Pryme Energy Ltd., Brisbane.

Proceeds $1.625 million from the sale of its interest provides a modest profit over the carrying value of the project, Pryme Energy said.

Pryme Energy said funds from sale will help it focus on its flagship oil project at Turner Bayou, La., and pursue other exploration opportunities with greater prospectivity. Oil and gas sales from the LaSalle, Four Rivers, Raven, and Turner Bayou projects will continue to provide the company with reliable monthly income from production, the company said.

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