Meridian resources acquires interest in proven, developed leasehold in union co., kentucky
With an effective date of April 1, 2018, Meridian acquired 33-1/3% of the working interest and became operator of record for a proven, developed, shut-in 240-acre leasehold southeast of Morganfield, Kentucky. Six existing wells target the Mississippian Cypress and Tar Springs sandstones and have proven further oil accumulation in the Hardinsburg and Waltersburg sandstones. Meridian plans to grow oil production by returning existing wells to production, drilling an infill well targeting the Cypress formation, and waterflooding the Tar Springs formation. Development work is targeted to commence in Q4 of 2018 or Q1 of 2019.