United Energy (UNRG) has signed a purchase agreement for a 140-mile natural gas pipeline in Wagoner County, Okla., formerly owned by Red Fork Energy.
This asset has a capacity up to 20,000 million cubic feet of gas per day and comprises more than 5,000 acres leasehold and 89 company-owned wells with substantial Woodford Shale development opportunities.
Closing is expected in October, pending final due diligence.
In August, UNRG acquired a strategic asset combination in the Cherokee Basin, located in Northeastern Oklahoma and Southeastern Kansas. The company purchased Entransco Energy, adding more than 250 Coalbed Methane Gas (CBM) wells, 32,000 acres, 118 miles of pipeline, and related oil and gas assets to its portfolio.
In addition, UNRG acquired 80 wells and 10,000 acres of CBM-producing wells from Montclair Energy, a project formerly known as the Rogers County Coal Seam Project. The Entransco acquisition also included 49 percent ownership in an additi