Australia’s Sun Resources NL is buying a 50 percent non-operating interest in 10,028 acres in South Texas’ Eagle Ford oil-and-gas play, officials say.
Sun is purchasing the stake in Bastrop County’s Badger Oil Project from Ursa New Venture LLC. The companies did not reveal the purchase price, but Sun says it’s funding the transaction with cash.
The Badger Oil Project, located east of Austin and San Marcos, overlays both the Eagle Ford and the Austin Chalk formation. Ursa New Venture, a subsidiary of Houston-based Ursa Resources Group II, will hold the remaining 50 percent interest in the acreage.
“This exciting new 10,028 acre acquisition materially diversifies Sun’s portfolio into the prolific Eagle Ford and Austin Chalk regions,” Sun managing director Govert van Ek said in a written statement. “But as importantly, it also partners Sun with a proven and well backed operator.”
The relationship with Ursa will allow Sun to strengthen its knowledge of techniques used to unlock oil and gas from so-called “unconventional” basins such as the Eagle Ford, van Ek also said.
Read more: http://www.bizjournals.com/sanantonio/blog/eagle-ford-shale-insight/2014/05/another-australian-company-buys-into-the-eagle.html