Australian Driller Sells US Conventional Wells, Keeps NY M-U Rights

Here's a story that caught our attention. Empire Energy, which drills for oil and gas in Australia's Beetaloo/McArthur basin, owns producing oil and gas assets in New York State and Pennsylvania, which cover more than 270,000 net acres. Empire's U.S. assets have output totaling some 4.5 million cubic feet per day (MMcf/d) of gas plus small amounts of associated liquids from approximately 2,400 conventional wells. Empire is selling their U.S. assets for $9.1 million to a privately owned conventional producer --- PPP Future Development. The intriguing part of this story is that Empire also owns drilling rights in the Marcellus and Utica shale layers underlying the conventional wells in New York State.

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