The Associated Press
DULCE, N.M. (AP) -Taking advantage of record low prices for natural gas, a Houston-based energy company is spending $98 million to purchase 258 well sites in northwestern New Mexico.
Most of the sites purchased by EnerVest Ltd. are on Jicarilla (HICK-ah-ree-yah) Apache tribal lands.
The locations are expected to produce about 15.5 million cubic feet of natural gas per day. They were sold below value after former owner CDX Rio filed for bankruptcy protection.
EnerVest officials say the sale was an opportunity to expand production in the San Juan Basin, where the company believes well sites have robust potential for long-term output.
Information from: The Daily Times, http://www.daily-times.com