StockMarketWire.com - Attis Oil and Gas said it was considering selling its 50% interest in the Fort Worth field in Texas after partner APEG Palo Pinto failed to meet its financial obligations.

Attis had issued a default notice in an attempt to recover around $0.25m in past due costs and was now entitled to 100% of the field's revenues.

However, a continuation of historically low natural gas prices had resulted in the field operating at a loss in recent months.

Attis said its board was conscious that, if it abandoned any of the field's 98 wells, it would have to cover plugging and abandonment costs, currently estimated at about $25k per well.




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