Fort Worth-based U.S. Energy Development Corp. said this week it is expanding its operations in the Permian Basin. “Building on a series of recent successes,” U.S. Energy said Tuesday, “the company is poised for significant growth and development in one of the most productive oil and gas regions.” The continued investment includes the recent completion of U.S. Energy-operated JT Morris pad, a five-well pad that has achieved “remarkable success, coming in below budget while outperforming … projections.”
U.S. Energy also brought online in mid-June the Westway project, a two-well pad that also was completed under budget and ahead of schedule. The company will accelerate drilling activity by adding a rig in October, and U.S. Energy also has been investing in non-operated transactions in Permian Basin.
U.S. Energy added, “Over the next 12 months, the company expects to deploy upwards of $750 million with the majority of this capital earmarked for projects in the Permian.”