By OGJ editors
HOUSTON, May 27 -- Maui General Store Inc. has signed a letter of intent with Omni Oil & Gas Inc., Dallas, to negotiate the terms of an agreement under which Maui General will acquire a 100% working interest in a 20-well natural gas drilling project in the Barnett Shale area in the Fort Worth basin in Texas.
Maui General also will acquire an interest in the 124-well Tuscaloosa Red River Bull Bayou sand unit in Lafayette, La., and in the 400-acre China South oil field near Beaumont, Tex. The Red River Bull project has recovered 25 million bbl of oil before being shut in.
The agreement obligates Maui General to secure locations and operators for drilling in the largest natural gas repository in the region, as well as working wells and drilling zones in well-known crude oil production areas.