PetroGas Company, Inc. today announced that it has acquired oil and gas mineral rights to a property of approximately 150 acres in Cleveland County, Oklahoma.
"With our newest acquisition in Oklahoma, we are now in a position to begin exploring the idea of putting together a drill program in the State as this marks our fifth sizeable acquisition," said Mr. Yu, CEO of PetroGas Company.
Oklahoma holds about 4% of the nation's proved petroleum reserves and produces a substantial amount of crude oil. With annual production typically accounting for between 3% and 5% of the nation's total, Oklahoma is one of the top five petroleum-producing states and fourteen of the 100 largest natural gas fields in the United States are in Oklahoma. Proved natural gas reserves in the state peaked in 2014 at more than 34 trillion cubic feet. Oklahoma's annual natural gas production reached an all-time high of nearly 2.5 trillion cubic feet in 2015.
Source: Petrogas Company
Date: Feb 21, 2017