Shares of Petrogas Company (OTC: PTCO) are up 9% after the company said it has acquired a fractional interest in 11 oil and gas wells operated by Vanguard Operating (NASDAQ: VNR) in Cherokee County, Texas. Only some of the wells are currently producing hydrocarbons. “This is the type of acquisition we love to make as most of these wells had their production turned off in 2014 when oil prices began sliding. Now that prices are coming back to profitable levels, we expect that all offline wells could be brought back to production with minimal effort over the coming months,” Petrogas CEO Huang Yu stated in the news release.
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About Petrogas Company, Inc.
Petrogas Company, Inc. is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential. The company’s growth strategy includes the acquisition of oil fields from distressed third parties at a substantial discount to value, and development of fields whose potential has not been fully maximized. For more information investors can visit www.petrogas-company.com.
About Vanguard Operating, LLC
Vanguard Operating is a subsidiary of Vanguard Natural Resources, LLC, a Nasdaq listed company founded in 2006 and is focused on the acquisition and development of oil and natural gas properties in the United States. Through its operating subsidiaries, the company owns properties, and oil and natural gas reserves primarily located in over 10 operating basins. The company owns working interests in approximately 14,460 gross (over 5,280 net) productive wells. In addition, the company owns approximately 881,510 gross undeveloped leasehold acres surrounding its existing wells. To learn more visit www.vnrllc.com.
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