Continuing a string of agreements to up its financial stake in strategically located U.S. oil and gas assets, junior independent Energas Resources Inc. on Tuesday announced it had secured an option agreement from the Thomas Dorough Trust to explore 4,320 acres in the Wind River Basin of Wyoming. Under the agreement, Energas will be able to earn the acreage by drilling certain portions within the next two years.

The announcement by the Oklahoma City-based company follows two others earlier this month. Two weeks ago, Energas executed an agreement with Devon Energy also in the Wind River Basin. Devon assigned its interest in approximately 27,000 acres to Energas for an undisclosed amount, retaining an overriding royalty and the right to participate with a reduced interest in projects that Energas generates on the acreage.

Also this month, Energas executed a letter of intent to acquire the assets of three privately held companies in the Appalachian Basin of eastern Kentucky. The $3 million deal included 29 producing gas wells, 145,420 feet of pipeline, two compressor stations and approximately 30,000 leased and optioned acres. Upon closing, Energas plans to initiate a three-year development program that includes drilling more than 100 Devonian shale gas wells on these properties.

Scott Shaw, vice president of Energas, said Tuesday that the small company is working on a “number of things,” including some new work in eastern Oklahoma. “We’re excited about our new work in Wyoming,” he said. In the agreement with Devon, he said Energas will be able to move in and do some shallow gas wells that would not necessarily be as easy for a corporation the size of Devon, but feasible for Energas.

“It works for us to have this put together,” said Shaw. “A few years ago, this might not have been profitable, but with $5 gas prices, it’s a great deal for us.”

Shaw said that drilling on the new Wind River properties will begin later this fall. The 10-year-old independent also will begin work in Appalachian Basin this fall, said Shaw. Reserve estimates on the properties were not available.

According to its Securities and Exchange Commission (SEC) filings, Energas primarily is engaged in operating, developing, producing and exploring petroleum and natural gas properties in the United States through its wholly owned subsidiary A.T. Gas Gathering Systems Inc. In addition, the company owns and operates a natural gas gathering system, located in Oklahoma, which serves its wells for delivery to a mainline transmission system. All of the company’s oil and gas properties are leased, with the exception of the natural gas gathering system. For more information on the company, which trades over the counter, contact Shaw at (405) 879-1752.

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