Equus Energy Sells Working Interest in Haley Field
October 23 2018 - 6:02PM
Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”)
announced that Equus Energy, LLC, a wholly-owned subsidiary of the
Fund (“Equus Energy”), has sold a portion of its working interest
in the Haley Field in Loving County, Texas for $600,000.
Equus Energy’s working interest in the Haley Field consists of a
11.25% working interest in three gas wells and 1,440 undeveloped
acres located in the Permian Basin in west Texas. The present
sale encompasses one gas well and 640 undeveloped acres, with Equus
Energy retaining the remainder of its working interest in the
field.
In December 2016 and August 2018, Equus Energy
sold its working interests in the Dewey Lake and Worsham-Bayer
Fields, respectively, each also located in the Permian Basin.
These interests, which encompassed an aggregate of 280 undeveloped
acres, collectively sold for $450,000. Equus Energy is
continuing to explore the possible sale of some of its other oil
and gas interests located in the Permian Basin and in other parts
of Texas and Oklahoma.
Established as a wholly-owned subsidiary of the
Fund in 2011, Equus Energy is the Fund’s platform for
energy-related investments, with particular emphasis on oil and gas
enterprises. Equus Energy owns various working interests,
which, following the sale described above, are presently derived
from 142 producing and non-producing oil and gas wells, including
associated development rights of approximately 21,520 acres,
situated on 11 separate properties in Texas and Oklahoma. The
working interests range from a de minimus amount to 50% of the
leasehold that includes these wells. Also included in the interests
owned by Equus Energy are working interests of 7.5% and 2.5% in the
Burnell and North Pettus Units, respectively, which collectively
comprise approximately 13,000 acres located in the area known as
the “Eagle Ford Shale” play.
About Equus The Fund is a business development
company that trades as a closed-end fund on the New York Stock
Exchange, under the symbol "EQS". Additional information on the
Fund may be obtained from the Fund’s website at
www.equuscap.com.
This press release may contain certain forward-looking
statements regarding future circumstances. These forward-looking
statements are based upon the Fund’s current expectations and
assumptions and are subject to various risks and uncertainties that
could cause actual results to differ materially from those
contemplated in such forward-looking statements including, in
particular, the risks and uncertainties described in the Fund’s
filings with the SEC. Actual results, events, and performance may
differ. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as to the date hereof.
Except as required by law, the Fund undertakes no obligation to
release publicly any revisions to these forward-looking statements
that may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. The
inclusion of any statement in this release does not constitute an
admission by the Fund or any other person that the events or
circumstances described in such statements are material.
Contact:
Patricia Baronowski Pristine Advisers, LLC (631) 756-2486
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