February 25, 2020
Tyler, Texas — Vernon E. Faulconer, Inc., on behalf of its affiliate, announces it has finalized the purchase of interest in properties located in the Overton Field in East Texas for a contract price of $18.5 million, subject to closing adjustments. The transition was completed on January 31, 2020 and was acquired from Riviera Operating, LLC and Riviera Upstream, LLC.
The Overton Field produces primarily natural gas and natural gas liquids from the Cotton Valley formation. The properties acquired consist of 412 operated gas wells in Smith and Cherokee Counties and 96 Non-Operated wells in Cass, Cherokee, Jasper, Smith, Titus, Trinity and Wood Counties in Texas.
President Dan George stated “We are excited to have completed this significant transaction for our company. I want to personally thank all of our employees that were involved with this acquisition and we look forward to applying our expertise to this legendary East Texas field. Even though we are currently in a very challenging price environment, Vernon E. Faulconer, Inc. feels confident that we can makes these assets more profitable and significantly extend their life by better utilizing artificial lift, effective water and compression management and re-stimulation, just to name a few of the many plans we have for creating more value.”
About Vernon E. Faulconer, Inc. – Established in 1981; operates more than 850 oil and gas wells in five states, with a focus on recovery techniques in marginal natural gas fields; maintains its corporate office in Tyler, Texas, and has satellite offices in other states where it operates.