In the second quarter of this year, Unbridled Energy acquired a 50% working interest in 13,280 gross acres located within the state of New York. The property was purchased to develop proven, and possibly under-developed, reserves in tight gas sand and shale reservoirs.
The company has completed 9 out of 11 initial workover programs and will announce a production update after all the wells are in line for a few months. The remaining workovers are expected to begin within the next two weeks.
Schlumberger Data & Consulting Services (“Schlumberger”), an independent qualified reserve estimator, estimates that the reserves hold over 31 billion cubic feet net to the Company of P3 (proven probable possible) reserves.
Unbridled Energy is currently in discussions to acquire additional interests in the Chautauqua Lake area. The President and CEO, Joe Frantz, stated, “The Chautauqua Lake area provides us a good foundation to grow reserves during the next few years in New York. There are many reservoirs to exploit with good upside potential. The location to market is excellent, as is the preferentially higher basis differential we obtain on gas prices. It is a vital area in our strategy to exploit various shale and tight gas reservoirs across the Appalachian Basin.”
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