Regent Energy buying Louisiana field from MTBB Acquisition

Regent Energy Corp. has agreed to buy South Thornwell field in Jefferson Davis Parish, La., from MTBB Acquisition LLC, New York, for $1.1 million and 25% of the field's cash flow after recovery of costs. Regent will operate three of the four wells. The field produces 3,465 Mcfd and 34 b/d of oil, of which 777 Mcfd and 8 b/d of oil will be net to Regent.

June 6, 2001

By the OGJ Online Staff

HOUSTON, June 6 -- Regent Energy Corp. has agreed to buy South Thornwell field in Jefferson Davis Parish, La., from MTBB Acquisition LLC, New York, for $1.1 million and 25% of the field's cash flow after recovery of costs.

Regent will operate three of the four wells. The field produces 3,465 Mcfd and 34 b/d of oil, of which 777 Mcfd and 8 b/d of oil will be net to Regent. Reservoir engineers Huddleston & Co. estimate South Thornwell contains 6.5 Bcf of gas and 142,000 boe.

Regent Pres. and CEO John Ehrman said the field acquisition "is consistent with our strategy of purchasing proven producing properties with the opportunity for large cash flow growth."