Houston-based Patara Oil & Gas LLC signed a joint venture agreement with Houston-based Contango Oil & Gas Co.'s wholly-owned subsidiary, Conterra Co. to develop proved undeveloped Cotton Valley gas reserves in Panola County, Texas.
Conterra will fund 100% of the drilling and completion costs in exchange for 90% of the net revenues. The agreement calls for drilling roughly 15 wells at a price of $1.5 million per well. Patara will serve as operator.
Patara Oil & Gas LLC is a privately funded company headquartered in Houston, Texas with a division office in Denver, Colorado and engages in the acquisition, development and production of natural gas and crude oil properties. The company was formed by Jefferies Capital Partners.
