Magellan Energy Ltd. has announced that it has signed a letter of intent with an Oklahoma Private Oil and Natural Gas Group to acquire a substantial portion of their proven and producing properties subject to an extensive due diligence study by Magellan and its advisors.
The properties are owned by Monarch Resources, LLC and are located in Garfield, Major, Logan, Kingfisher, Blaine, Noble and Payne Counties. They have an estimated $50 million in proven developed reserve properties.
In total there is approximately $100 million in proven developed/undeveloped reserve properties in the Oklahoma area that Magellan is currently negotiating.
The Oil and Natural Gas sector in Oklahoma is part of the huge Mid-Continent Oil Region that stretches from central Texas across Oklahoma to eastern Kansas.