Northamerican Energy acquiring Permian basin leases

Northamerican Energy Group Corp., Houston, agreed to acquire five Permian basin leases from Penergy of Midland, Tex.

By OGJ editors
HOUSTON, Feb. 6 -- Northamerican Energy Group Corp., Houston, agreed to acquire five Permian basin leases from Penergy of Midland, Tex.

The five leases are in Ector, Martin, and Howard counties in Texas. The leases, which Penergy bought during the late 1990s, contain shut-in oil wells tapping various formations at 1,700-1,900 ft.

Northamerican Energy plans to rework the wells and bring them back on stream.

More in General Interest