By OGJ editors
HOUSTON, May 29 -- CNX Gas Corp., Pittsburgh, will acquire by lease oil and gas acreage in western Kentucky, doubling its position in the Illinois basin's emerging Devonian New Albany shale gas play to nearly 140,000 acres.
Lessors are Atmos Energy Corp. and Teal Royalties LLC. No proved reserves are associated with the transaction. Other terms are not disclosed.
Early this year, CNX set a $12 million budget for three wells in its Cardinal exploratory play in the New Albany shale (OGJ Online, Jan. 8, 2007). The company expects to unveil results of the Cardinal play by the end of the third quarter.
