US Natural Gas Buys Property In Kentucky

By Tampa Bay Business Journal

US Natural Gas Corp. acquired two leaseholds totaling about 220 acres of mineral rights in Hart County, Ky.

The purchase price was not disclosed in a release announcing the deal, but the acquisition costs and associated capital expenditures will provide an attractive rate of return to the company, Wayne Anderson, president, said in the release.

The two leases included are two producing wells and nine wellbores ranging from 800 to 1,900 feet in total depth. The company has sold the initial production from the two producing wells while maintaining a 90 percent working interest in them, the release said.

US Natural Gas (OTCBB: UNGS), headquartered in St. Petersburg, is an energy company engaged in the acquisition, exploration and development of oil and natural gas properties in the Appalachian Basin.

Copyright 2010 American City Business Journals

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