Sanchez Oil & Gas Group will purchase the Catahoula Lake project in LaSalle, Rapides, and Grant parishes, La., from Pryme Energy Ltd., Brisbane.
Proceeds $1.625 million from the sale of its interest provides a modest profit over the carrying value of the project, Pryme Energy said.
Pryme Energy said funds from sale will help it focus on its flagship oil project at Turner Bayou, La., and pursue other exploration opportunities with greater prospectivity. Oil and gas sales from the LaSalle, Four Rivers, Raven, and Turner Bayou projects will continue to provide the company with reliable monthly income from production, the company said.
Alan Petzet | Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
