Fort Worth-based GEV Group buys 5,000 acres of Barnett Shale property

by PegNews wire

Located in Tarrant, Denton, and Wise counties, the property was facing foreclosure.

FORT WORTH — Fort Worth Business Press reports that GEV Group, a Fort Worth-based start-up, purchased 5,000 acres of Barnett Shale property in Tarrant, Denton, and Wise counties from TrueStar Petroleum Corp., a Canadian company whose Denver office filed for bankruptcy. GEV Group paid $20 million for the property, which was facing foreclosure and includes 35 vertical and horizontal wells that are predicted to produce $1.2 million in revenue in the first four months of this year.

Does it seem peculiar that a company involved in Barnett Shale could be going bankrupt?

Posted by T.G.