Palomar will pay San Leon $20 million for a 65% working interest in seven concessions of the southern Permian and northern Permian basin including the Siekierki and the Rawicz tight gas fields.
These funds will be used to move forward production from the fields as soon as possible, the explorers said.
Denver-based Palomar Natural Resources is a newcomer set up last year that is headed by chief executive John Buggenhagen, who was previously San Leon Energy’s exploration director.
Buggenhagen
