Velocity Energy Inc. (VCYE) Closes On Purchase of Appalachian Assets
Velocity Energy Inc. announced the purchase of producing natural gas wells and partially developed acreage in the Appalachian region in the Northeastern United States. Velocity Energy Inc. purchased the assets from a private company and did not disclose the purchase price. Velocity Energy Inc. said that the sale included 13,500 net acres of oil and gas properties, which are currently producing 2 million cubic feet per day of natural gas from several shale formations. These formations include the Ravencliff, Maxton, Big Lime, Berea, Gordon and the Cleveland and Huron Shales. The company said that the purchase would give it 60…