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High Plains Gas buys J.M. Huber's CBM assets

High Plains Gas buys J.M. Huber's CBM assets

Tuesday, February 8, 2011

By MJ Clark

GILLETTE - High Plains Gas Inc. continued its buying spree of natural gas assets in the Powder River Basin by entering into a purchase agreement to acquire J.M. Huber's coal bed methane properties. The property encompasses about 313,600 operated acres.

J.M. Huber was the state's eighth largest producer of coal bed methane (CBM) in 2010, according to figures posted by the Wyoming Oil and Gas Commission.

Last November, High Plains Gas began its "significant" CBM property acquisition by completing its purchase of the 155,000 net operated acres of North and South Fairway Assets held by Pennaco, the state's fifth largest CBM producer in 2010.

"The acquisition of J.M. Huber's Powder River Basin assets is very strategic for our company because it compliments extremely well our recent acquisition of the Fairway Assets from Marathon Oil Corporation," Mark Hettinger, chairman of High Plains Gas, said in a release.

"These two acquisitions combined will make High Plains a major producer of natural gas in the Powder River Basin. They are a perfect fit for the experience and expertise the company has in refurbishment and reactivation of coal bed methane wells."