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U.S. Energy and Atlantic Energy Form JV for Well Development
U.S. Energy Development Corporation recently entered into a joint venture with Midland-based Atlantic Energy Partners LLC to develop and operate three horizontal wells within the Permian Basin in Ward County. This strengthens U.S. Energy’s existing position in Ward County where the firm completed and began operation of a three-well pad earlier this year at a developmental cost of approximately $30 million.
“This joint venture comes at an ideal time as we expand our footprint in the Permian Basin and the market continues to recover from COVID-19 with the drilling of new wells,” said Jordan Jayson, CEO of U.S. Energy.
The partnership highlights U.S. Energy’s strength as an operator with more than 40 years of experience and Atlantic’s position as an exploration and production firm known for its ability to assemble tier-one prospects. Additionally, both companies are tightly aligned on environmental, social and governance commitments.
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