By OGJ editors
HOUSTON, Aug. 4 -- Kellco Energy Ltd. acquired the interest of a unit of PetroSearch Energy Corp., Houston, in Blue Ridge salt dome field in Fort Bend County for $2.14 million, retroactive to July 1, 2005.
At the time of the sale, PetroSearch held 420 acres at 35-70% working interest. Proved oil reserves were 77,000 bbl at Dec. 31, 2004, and 68,700 bbl at the time of the sale. The property averaged 1,844 bbl/month of oil in 2005.
The buyer is an oil and gas company headed by an individual who previously managed the property for PetroSearch, which will deploy the funds into more strategic projects.
