Lime Rock-backed Prime Rock Resources is teaming up with privately held New Dawn Energy to develop assets in the growing Austin Chalk play of Louisiana.

The development area covers about 120,000 net acres in Allen, Avoyelles, Beauregard, Rapides and Vernon parishes, primarily in the legacy Masters Creek field.

The deal sees Prime Rock and New Dawn establishing an area of mutual interest in which the companies will work together to acquire additional acreage. Initial development of the joint assets is set to begin in the fourth quarter of this year.

"Prime Rock is pleased to partner with New Dawn in Masters Creek," said Prime Rock chief executive Manny Sirgo.

"We are excited about the potential benefits of applying modern drilling and completion technology in one of the most prolific legacy Austin Chalk fields in the entire trend. We look forward to working closely with New Dawn to jointly develop these assets."

According to its website, Prime Rock has acquired more than 100,000 net acres in central Louisiana targeting the Austin Chalk play. Its acreage is primarily in the Masters Creek field, though it has recently submitted applications to Louisiana regulators to drill Austin Chalk in the Sugartown field.

New Dawn's Louisiana holdings, meanwhile, span 273,000 net mineral acres in the western part of the state.

New Dawn executive vice president Ghasem Bayat said: "New Dawn is excited to be partnering with Prime Rock, a proven operator with a track record of safe, profitable and successful operations. We believe the strategic combination of our respective acreage positions creates one of the premiere positions in the entire trend. We expect this agreement to create significant value for both parties and look forward to working with Prime Rock to jointly develop and grow these assets in the future."

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Lime Rock in Austin Chalk venture