NGI The Weekly Gas Market Report
International Oil & Gas Inc. has announced it has enteredinto an agreement with Trans Energy Inc. of St. Marys, WV, andJayhawk Resources LLC of Arlington, TX, to lease over 5,000 acresin West Virginia to test the Trenton and Black River formations.
The leases are about 50 miles south of two major discoveriesmade last year by Columbia Natural Resources at about 10,000 feetin the Trenton and Black River formations in Roane County, WV. TheColumbia wells recorded open flow tests at about 50 MMcf/d with6,600 psi. One of the wells was connected last year and flowed 7.4MMcf/d.
The depth, pressure and production levels are extraordinary forthe Appalachian Basin, according to Bill Woodburn, vice presidentof Trans Energy. “No one’s ever drilled that deep in this area. Sixthousand feet is about as deep as they have gone before.” Woodburnis seeing a lot of activity in the area, however, since Columbia’sannouncement of successful tests last October. He said he knew ofthree others exploring in the area, and Columbia, which has 2.1million acres under lease, also is continuing its leasing anddrilling program.
Trans Energy Inc. owns several oil and gas wells in WestVirginia, along with more than 100 miles of three to six inchgathering lines in Ritchie, Tyler and Pleasants Counties. It alsohas leases in the Powder River Basin of Wyoming.
International Oil & Gas (www.inoil.com), based in Dallas, previously hasfocused on undervalued exploration and development properties inTexas, Tennessee, Nevada and Louisiana.
CNR has drilled approximately 10 wells within various countiesin West Virginia to date. These wells have all been drilled to theTrenton and Black River formations in a structure known as the RomeTrough, which extends from New York through Pennsylvania, WestVirginia, and Kentucky.
The joint venture has already acquired the acreage and intendsto begin shooting seismic immediately. It is expected that theseismic will locate an anomaly, which will result in a test wellbeing drilled in the near future.
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