United Energy has announced that it has signed a purchase agreement for a 140 mile natural gas pipeline in Wagoner County, Oklahoma, formerly owned by Red Fork Energy. This asset has 140+miles of 3 to 16 in. transmission lines, including a 12 in. steel pipeline - capacity up to 20 000 ft3/d and comprises 5000+acres leasehold, and 89 company-owned wells with substantial Woodford Shale development opportunities. Closing is expected in October pending final due diligence. "Natural gas midstream assets are true gems in the current environment. Acquisition of the Wagoner Pipeline also opens numerous opportunities for stranded gas that hasn't been able to capitalise on current commodity prices," said Brian Guinn, CEO of United Energy Corporation.
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