United Energy Announces Major Acquisition Update
United Energy (OTCMKTS: UNRG) has signed a purchase agreement for a 140-mile natural gas pipeline located in Wagoner County, Oklahoma, previously owned by Red Fork Energy. The pipeline includes transmission lines with a capacity of up to 20,000 MCFGD and encompasses over 5,000 acres with 89 company-owned wells, offering significant development opportunities in the Woodford Shale. The acquisition is expected to close in October, pending due diligence. CEO Brian Guinn highlighted the potential for stranded gas to benefit from current commodity prices.
- Acquisition of a 140-mile gas pipeline enhances asset portfolio.
- Pipeline has capacity for 20,000 MCFGD, promoting growth in production.
- Strategic location in the Woodford Shale offers significant development opportunities.
- None.
PLANO, Texas, Oct. 5, 2021 /PRNewswire/ -- United Energy (OTCMKTS: UNRG) -- United Energy announces it has signed a purchase agreement for a 140-mile natural gas pipeline in Wagoner County, Oklahoma, formerly owned by Red Fork Energy. This asset has 140+ miles of 3" to 16" transmission lines, including a 12" steel pipeline – capacity up to 20,000 MCFGD and comprises 5,000+ acres leasehold, and 89 company-owned wells with substantial Woodford Shale development opportunities. Closing is expected in October pending final due diligence.
"Natural Gas midstream assets are true gems in the current environment. Acquisition of the Wagoner Pipeline also opens numerous opportunities for stranded gas that hasn't been able to capitalize on current commodity prices." Brian Guinn, CEO of United Energy Corporation
August 2021 UNRG announced the acquisition of a strategic asset combination in the Cherokee Basin, located in Northeastern Oklahoma and Southeastern Kansas. The Company purchased Entransco Energy, LLC, serving as the Company's licensed Operator in Oklahoma and Kansas, adding 250+ Coalbed Methane Gas (CBM) wells, 32,000 acres, 118 miles of pipeline and related oil and gas assets to its portfolio.
In addition, UNRG acquired 80 wells and 10,000 acres of CBM-producing wells from Montclair Energy – a project formerly known as ROCCS, the Rogers County Coal Seam Project.
The Entransco acquisition also included
UNRG forecasts 2,500+ MCFGD within Q4 and another 2,000+ MCFGD with the reactivation of the Wagoner Pipeline.
UNRG will soon be rolling out a proprietary well-pumping solution for the production of CBM wells. This innovative pump dramatically reduces operating costs of water-producing wells, eliminating the surface pump jack and many high-maintenance pumping expenses that have burdened previous operators.
"We're on a mission. We'll be one of the top 3 largest operators in the Cherokee Basin before year-end." Brian Guinn
Media Contact:
Kimberly Stillwagon
uecorpinfo@gmail.com
214-901-5453
Investor Contact:
Brian Guinn
info@unrgcorp.com
469-209-5829
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SOURCE United Energy Corporation
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