Posted: Jan 6, 2010
Cohort Energy Company, a wholly-owned subsidiary of J-W Operating Company has entered into a participation agreement with Endeavour International Corporation (NYSE -Amex: END) in which Endeavour will acquire 50 percent of Cohort's interests in approximately 66,000 gross (27,000 net) acres in North Louisiana and Western Pennsylvania. Endeavour's initial investment in the Haynesville and Marcellus gas shale plays is $15 million, and the company will pay a share of Cohort's drilling and completion expenditures as wells are drilled over the next few years.. This transaction is in addition to the acquisition of producing assets from Cohort in North Louisiana and East Texas previously announced on October 30, 2009.
"This transaction represents the second part of a broad joint venture Endeavour has established with Cohort and J-W Operating Company," said William L. Transier, Chairman, Chief Executive Officer and President of Endeavour. "Cohort has a track record of success as an operator in the Barnett shale play that will serve us well in the exploitation of these highly prospective positions in the Haynesville and Marcellus shale plays."
J-W Operating Company is an Energy Services and Energy Development company comprised of seven distinct business units that specializes in natural gas compression, gas measurement, gas gathering and processing, cased-hole wireline services, drilling, workover and exploration and production and oilfield equipment manufacturing. Services are offered to the oil and gas industry in the states of Texas, Louisiana, Oklahoma, Arkansas, New Mexico, Kansas, Colorado, Utah, Wyoming, California, Montana, North Dakota, Kentucky, West Virginia, Ohio, Pennsylvania, and New York.
FOR MORE INFORMATION:
John A. Daniels
J-W Operating Company
Business Development Manager
972-233-8191
jdaniels@jwoperating.com
