U.S. Energy Development Corp., an exploration & production firm that provides direct investments in energy, has entered into a joint venture with Midland, Texas-based Atlantic Energy Partners to develop and operate three horizontal wells within the Permian Basin in Ward County, Texas.
This strengthens U.S. Energy’s existing position in Ward County, where earlier this year, the firm completed and put online a three-well pad at a developmental cost of $30 million.
“This joint venture comes at an ideal time as we expand our footprint in the Permian Basin and the market continues to recover from COVID-19 with the drilling of new wells,” said Jordan Jayson, CEO of U.S. Energy. “We look forward to working with the Atlantic team on this project in the Rio Hondo area and look forward to returning exceptional value to our investors.”
The three wells, which target oil-producing zones in the Wolfcamp Shale, are projected to be online in the first quarter of 2