US Energy Development Corp. and Atlantic Energy Partners LLC, Midland, have entered into a joint venture to develop and operate three horizontal wells within the Permian Basin in Ward County, Tex.
The wells, which target oil producing zones in the Wolfcamp shale, are projected to be online in first-quarter 2022 and will carry a total project development cost of about $28 million, US Energy said Aug. 11.
Over the past year, US Energy's activity in the Permian Basin includes closing on $86 million of projects, and the firm is projected to invest more than $150 million over the next 12 months. Earlier this year, US Energy completed and put online a three well pad in the county at a developmental cost of about $30 million.
