By the OGJ Online Staff
HOUSTON, July 10 -- Carrizo Oil & Gas Inc. said Tuesday that a subsidiary has acquired 50% of the working interest held by Rocky Mountain Gas Inc. in 107,000 net acres of coalbed methane leases in the Powder River basin of Wyoming and Montana.
RMG is a subsidiary of US Energy Corp. and Crested Corp. Carrizo, of Houston, said the leases are in areas with proven coal accumulations and may contain reserves of more than 250 bcf.
About 35,000 of the 107,000 acres are subject to an option that could allow Carrizo to earn 50% of RMG's interest in 12,000 additional acres, depending on future participation by other working interest owners.
Carrizo paid RMG $7.5 million in the form of a nonrecourse promissory note. Carrizo plans to spend up to $5 million to drill the acreage over the next 18 months. RMG has permits to drill 44 gross wells.
Also, Carrizo is selling its interest in Michael Petroleum Corp. to Calpine Natural Gas Co. for between $5.5 and $5.7 million.
Separately, eWorld Travel Corp., Capistrano Beach, Calif., Tuesday said it is acquiring Powder River Basin Gas Corp. and will change its name to Powder River Basin Gas Corp.
Powder River has more than 2,600 acres of leases in Sheridan County, Wyo., permits for more than 100 wells, right of first refusal on 35,000 acres, and rigs available for drilling.