Okla.-Panhandle Oil grabs land in South Texas

SAN ANTONIO – Oklahoma City-based Panhandle Oil and Gas Inc. has closed its $80.4 million purchase of a 16 percent interest in 1,775 net acres in the Eagle Ford Shale oil-and-gas formation.

The acreage block contains 63 producing wells, four in drilling or completion stage and 109 undeveloped locations inside South Texas’ oil-rich LaSalle and Frio counties. Cheyenne Petroleum Co. will continue to serve as operator for the wells.

The Eagle Ford acreage in which Panhandle purchased a stake has proved reserves of 1.7 million barrels of oil, 1.7 million cubic feet of gas and 297,000 barrels of natural gas liquids.