Blugrass Energy has signed a letter of intent to acquire an oil and natural gas lease covering 4,807 acres located in the Permian Basin in Crockett County, Texas, for about $3.5 million

摘要

The lease is owned by Dallas, Texas-based Petro Grande, which has an 87.5% working interest. Acquisition of the lease includes full access to 3D seismic imaging of the property, from which geophysicists have identified drilling locations in the Canyon Sands, Strawn and Ellenburger formations. An independent geoscientist has estimated that there may be a resource of up to 168 billion cubic feet of natural gas in this lease in the probable resource category.