SOURCE: Three Forks, Inc.
BROOMFIELD, CO--(Marketwired - Apr 9, 2014) - Three Forks, Inc., an independent oil and gas exploration and production company with operations and assets in Colorado, Texas, Oklahoma and Louisiana, today announced it has signed an Exploration and Participation Agreement with Vanguard Natural Resources, LLC.
Under terms of the agreement, Three Forks is required to drill two wells before September 15, 2014, on Vanguard's leaseholds in Weld County, Colorado. The leaseholds cover 160 acres in a prolific oil producing area of the D-J Basin where Three Forks' operations team has extensive experience.
"Our team drilled five wells immediately offsetting this acreage in 2012," said Chuck Pollard, President of Three Forks. "Due to new fracture stimulation technology, all five of those wells exceeded production expectations with the wells averaging approximately 150 BOPD on initial test. We are excited at the prospect of drilling in Colorado again and are focused on making the D-J Basin a core operating area for Three Forks."
About Three Forks, Inc.
Three Forks, Inc. is an independent energy company engaged in acquiring, exploring, developing and producing crude oil and natural gas primarily in the western United States. The Company is led by a seasoned team of executives with deep experience in the energy industry and capital formation. Three Forks has interests in producing wells in Oklahoma, Texas and Louisiana and is actively pursuing drilling programs in those areas. In addition, the Company is pursuing numerous opportunities in prolific oil producing regions, especially in areas where the team has operational or technical expertise. The Company is focused on building a portfolio of lower risk, long-lived oil producing assets that generate stable cash flows. Three Forks is headquartered in Broomfield, Colorado.
This news release includes statements that may constitute "forward-looking" statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by word such as "expects," "plans," "anticipates," "believes," "intends," "estimates," projects," "potential" and similar expressions. Forward-looking statements in this document include statements regarding the Company's plans and expectations for future drilling; expectations that the Company can fund anticipated capital projects; and expectations regarding recoveries. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.