#Oilandgas #stock news -Okmin (OTCQB: $OKMN) enters into gas
gathering agreement at West Sheppard Pool Project
Okmulgee,
OK – June 29, 2023 – Investorideas.com Newswire: Okmin
Resources, Inc. ("Okmin or the "Company") (OTCQB:
OKMN)
today announced that its wholly owned subsidiary, Okmin Energy LLC, along with
its partner Blackrock Energy, LLC (“Blackrock”), have entered into a strategic
gas gathering agreement over the West Sheppard Pool project together with the
owners of the adjacent East Sheppard Pool project (East and West Sheppard Pool
hereinafter referred to as “Sheppard Pool”).
Read this in full at https://www.investorideas.com/news/2023/energy/06292OKMN-West-Sheppard-Pool-Project.asp
Pursuant
to the agreement, the parties at Sheppard Pool will collaborate to enhance gas
flow outcomes into the numerous entry points of the local pipeline system. The
compressor station at West Sheppard Pool has been shut down since late last
year. This agreement will provision for existing gas at West Sheppard Pool to
resume flow into the pipeline access at the East Sheppard Pool field at no
cost. At the same time, the operator of the East Sheppard Pool field will be
granted access to channel three wells that sit dormant on their field via the
master meter at West Sheppard Pool at no cost.
The
operator at East Sheppard Pool shall utilize its knowledge and expertise of the
greater area, to conduct further work on the Company’s West Sheppard Pool
leases in an effort connect more existing wells online with the ultimate goal
of having the local compressor station reactivated and achieving optimal gas
flow for all parties at Sheppard Pool. Additionally, both parties have agreed
to grant each other preferential rights of purchase over their respective lease
holdings at Sheppard Pool in the event of any potential sale being proposed by
one of the parties.
Okmin’s Chairman, Tom Lapinski said “while
this agreement may not be of significant economic size at the present time, it
does facilitate the potential for near term resumption of revenue at Sheppard
Pool. It also sets the stage for the joint venture partners to connect all the
existing wells at West Sheppard Pool in an effort to optimize production
capabilities.”
About
Okmin Resources Inc.
Okmin Resources,
Inc., is a development stage company that is acquiring, exploring and
developing natural resource assets. The Company has predominantly been focused
on the acquisition and development of domestic oil and gas fields. Okmin's
projects are located in Oklahoma and Kansas. The Company’s lease holdings
are all within the Cherokee Platform, a geological feature covering an area of
northeastern Oklahoma and southeastern Kansas in the mid-continent region of
the United States. The Cherokee Platform has been an established oil producing
region for the last century.
Further information is available at
Okmin’s website at www.okminresources.com
Okmin Resources
Investor & Media Contacts:
Jonathan Herzog – President and Chief Executive Officer
Tel: +1 (818) 201-3727
info@okminresources.com
Jessica Abaian – Manager, Investor Relations
Tel: +1 (818) 201-3727
jessica@okminresources.com
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