This week’s buyers: J-W Operating Company

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Source: DollarPhotoClub

Yesterday, J-W Operating Company announced the acquisition of oil and gas properties in Northern Louisiana from BHP Billiton.

The properties are located in the Elm Grove and Caspiana fields and include interests in approximately 1,200 wellbores and associated gathering lines and compressor facilities. By the addition of approximately 700 active wells that are producing in the Cotton Valley formation, a conventional oil and gas field, the acquisition will result in a significant and immediate increase in production. The acquisition does not include any of BHP’s unconventional Haynesville Shale assets.

J-W Operating Company President, Tony Meyer, said: “This acquisition will fit perfectly into our existing portfolio in the Elm Grove and Caspiana fields and will increase our holdings by over 200 BCF in proven reserves. Our evaluation suggests the potential for horizontal drilling opportunities as well as increased value through rework of the existing infrastructure.” The terms of the transaction are not being disclosed by the parties.

J-W Operating Company is a wholly owned subsidiary of J-W Energy Company. J-W Energy Company is one of the largest privately-held companies in the oil and gas industry with activities focused primarily in the natural gas upstream, midstream, and energy services segments of the industry. Based in Addison, Texas, J-W Energy Company has more than 60 field offices in multiple domestic gas producing basins. Upstream operations are focused primarily on natural gas plays in the U.S., and the energy services group includes the largest privately-owned compression fleet in the U.S.

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