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Article: August buys into Puckett Field.(Strictly Business)(August Energy Corporation, Pan Southern Petroleum Corporation)(Brief Article)
- Article from:
- The Mississippi Business Journal
- Article date:
- September 6, 2004
CopyrightCOPYRIGHT 2004 Dolan Media Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PUCKETT -- The board of directors of August Energy Corporation has unanimously approved a sales agreement between the company and Pan Southern Petroleum Corporation. Under the agreement, August will earn a 50% net working interest in the leasehold rights in the Puckett Field, a producing oil and gas field located in Rankin and Smith counties.
August Energy has paid $150,000 and agreed to spend $2 million in drilling and development funds in order to earn its 50% net working interest in the field.
Puckett Field is situated approximately 20 miles east of Jackson in the Mississippi Interior Salt Basin. With historical estimates of 40 million barrels of oil ...