By OGJ editors
HOUSTON, Oct. 9 -- Alto Energy International Ltd. of Perth plans to acquire an 12.5% interest in privately owned Foothills Energy LLC.
Alto agreed to acquire the Foothills Energy interest from James M. Trimble of Houston, who was appointed Alto Energy managing director and chief executive.
Foothills Energy has exploration and production leases in LeFlore County, Okla. Alto will assume a 12.5% interest in a lease position in 18 sections of land for more than 3,000 acres gross.
Alto, in a joint venture with BP PLC, also will participate in a 3D seismic program being acquired in LeFlore County. The survey, covering 24 sq miles, is expected to identify as many as 22 locations to be drilled during 2007-09. Alto will have a 6.5% interest in that project.
The acquisition includes three wells producing 650 Mcfd gross (40 Mcfd net). Alto has evaluated the three existing wells and determined that they were not fully fractured and that offset wells will perform better.
