Petrogas Company, Inc. (OTC PINK: PTCO) ("Petrogas Company" or "the Company"), today announced that it has acquired a fractional interest in 11 oil and gas wells operated by Vanguard Operating, LLC 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," said Mr. Huang Yu, CEO of Petrogas Company.
"We believe that 2017 will be the best year since 2014 for American energy producers and we hope to continue capitalizing on opportunities around the country," added Mr. Yu.
Source: Petrogas Company
Date: Jan 11, 2017