Petroflow and Patron Energy LLC will develop the Hunton Resource Play and other formations in Oklahoma, the companies announced.
Petroflow is involved in seven Oklahoma counties with Enterra Energy. The latest pact adds to Petroflow’s Oklahoma plans.
Petroflow will own working interests that vary between 65 percent and 70 percent in three project areas initiated by Patron. Specific advantages to Petroflow include leased mineral rights in approximately 4,600 acres of land in one of the project areas; plus existing evaluations of the geological potential within the other areas.
In consideration, Petroflow paid Patron $1 million. The purchase price represented reimbursement to Patron for 70% of its costs in the three project areas. The purchase price covers prospect fees, leasehold, land and administrative costs.