U.S. Energy Development Corp., an exploration and production firm that provides direct investments in energy, has acquired an interest in a horizontal-well development project in Loving County, Texas.
The firm's $8.5 million interest in the Columbia Project, whose total development cost is $24.1 million, will include three horizontal wells in the Permian Basin. The development, which targets oil-producing zones in the Wolfcamp Shale, is being operated by Shell Oil Co. Drilling and completion operations on the project are finished, and initial production is targeted to begin in the fourth quarter of this year.
“Our team is always looking for opportunities to provide our investors with high-quality projects,” said Jordan Jayson, chairman and CEO, U.S. Energy. “We have historically found great success in the Permian Basin and look forward to further expanding our footprint in the area.”
The Permian Basin is one of the oldest and most widely recognized oil-