US Natural Gas Corp. (UNGS) Reports Purchase of West Virginia Oil and Gas Leasehold
US Natural Gas Corp. reported the purchase of leasehold in the United States that contains three producing natural gas wells. The company believes that the properties are also prospective for various hydrocarbon bearing formations. US Natural Gas said that the purchased leasehold is 250 acres in size and is located in Wayne County, West Virginia. The company estimates that the combined production from the three wells will average 60,000 cubic feet per day of natural gas. This production would yield revenue of approximately $200,000 per year, assuming natural gas pricing of $4.50 per thousand cubic feet. US Natural Gas said…