Thursday, June 21, 2012 JBL Energy Partners, an oil and natural...

Thursday, June 21, 2012

JBL Energy Partners, an oil and natural gas exploration and production company, and its partners, today announced it has entered into a joint venture partnership with Terrace Energy, LLC in Fort Worth, Texas on one of its Woodbine, Texas prospects.

Under the terms of the joint venture, Terrace Energy, LLC has acquired a 75% leasehold interest (working interest) in approximately 13,500 acres in one of JBL's horizontal Woodbine prospects for cash consideration. JBL retains a 25% non-operating interest in the play, and will be carried by Terrace Energy, LLC on the first two wells drilled.

The first horizontal well is tentatively scheduled for Q3 2012.