Brighton oil has successfully executed contracts to purchase over 7,500 acres in Osage County, Oklahoma. The lease includes 7 wells which are producing about one million dollars in revenue each year. Brighton Oil also plans to drill 47 additional wells on the property.
In addition to the announcement, Brighton Oil revealed plans to increase their yearly cash flow to over 6 million dollars by reworking 30 existing wells.
The total cost for the transaction and the drilling of 47 wells is approximately 12 million dollars. The net revenue interest is 87% and a working interest of 100% over the lease.
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