Dallas-based independent Angus Energy Corp. said it completed a $3 million private placement and has acquired one of the largest acreage positions in the expanding Barnett Shale natural gas play in central Texas. In connection with the financing, Angus has acquired the exclusive drilling rights and operating interests in the Stanton Powell Ranch and surrounding properties located in Bosque County, TX. The company now controls over 17,000 acres of mineral interests in the Barnett Shale, making it one of the largest leaseholders in the area. Angus also holds an option to acquire an additional 141,500 Barnett Shale acres. The Barnett Shale gas play is the largest natural gas field in Texas and a primary supplier to the North American gas market. The U.S. Geological Survey estimates the Barnett may hold 10 Tcf of recoverable natural gas with production in the region currently exceeding 6 Bcf per month. Natural gas was discovered on the Stanton Powell Ranch property in 1996. Angus will employ the latest proven horizontal drilling and fracture technologies to recover the gas within its Bosque County properties. Seismic has already been shot on the property and drilling operations will commence immediately. As part of the financing agreement Angus will submit certain filings to the SEC and apply for a listing on the American Stock Exchange within 120 days.

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