Equus Subsidiary, Morgan E&P, Acquires 4,747 Net Acres In The Bakken; A Payment Of $500,000, Morgan Is Required To Drill And Complete A Minimum Of Six Wells Within 18 Months Of Receiving The First Drilling Permits. Avg Cost Of Drilling A New Well Is $8M
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Equus Total Return (EQS) subsidiary Morgan E&P has acquired 4,747 net acres in the Bakken/Three Forks formation in North Dakota. Morgan is required to drill and complete a minimum of six wells within 18 months, with an average cost of $8 million per well.
May 22, 2023 | 9:03 pm
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Equus Total Return's subsidiary Morgan E&P acquires 4,747 net acres in Bakken, with a requirement to drill six wells within 18 months at an average cost of $8 million per well.
The acquisition of 4,747 net acres in the Bakken/Three Forks formation is a positive development for Equus Total Return (EQS) as it expands the company's asset base and potential for future revenue generation. The requirement to drill six wells within 18 months at an average cost of $8 million per well indicates a significant investment in the project, which could lead to increased production and revenues for the company. This news is highly relevant to EQS as it directly involves their subsidiary, Morgan E&P, and is important for investors as it signifies growth and expansion in the company's operations. The confidence in this analysis is high due to the clear information provided in the article.
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