Puissant purchases assets from NA Energy Resources and Kentucky Petroleum

Puissant Industries Inc., an independent energy company focused on the natural gas and liquids-rich portion of the Devonian shale play in Eastern Kentucky, has purchased 14 miles of 4 in. pipeline, along with three Knox oil and gas wells, a compressor station site and related facilities, and 814 acres for oil and gas development from N.A. Energy Resources Corp. and Kentucky Petroleum Operating Ltd. for consideration of US$ 400 000 cash.

The additional 14 miles of pipeline is estimated to increase the company’s capacity by 82%, from 1.82 million ft³/d to 3.31 million ft³/d. Additionally, the pipeline purchase is estimated to increase the company’s short-term natural gas sales by 28%, which will be reflected in its monthly cash flows.

Mark Holbrook, Puissant’s Chief Executive Officer, said, “The increase in pipeline capacity and added sales point will enable us to develop our oil and gas properties more expeditiously and will increase our capacity to process increasing amounts of natural gas liquids as we expand into multiple stripping facilities.”

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/19052014/puissant_purchases_assets_from_na_energy_resources_and_kentucky_petroleum/