GeoResources (GEOI) announced that the company has entered into a joint venture with Ramshorn Investments, Inc. to acquire and develop acreage in Texas that is prospective for the Eagle Ford Shale.
The joint venture has already purchased 22,00 net acres in Fayette County, Texas, and established an Area of Mutual Interest in that county for future Eagle Ford Shale acquisitions. Ramshorn Investments, Inc. is a subsidiary of Nabors Industries LTD (NBR).
The joint venture intends to drill six horizontal wells into the Eagle Ford Shale as part of the agreement. GeoResources plans to start drilling the first well before the end of 2010.
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