Petrogas buys interest in reactivated oil wells

Petrogas has acquired interest in 11 oil and gas wells in East Texas.

The wells are in Cherokee County, about 130 miles north of Petrogas’ home base of Houston. Vanguard Operating LLC operates the wells.

Company CEO Huang Yu said in a statement that the acquisitions are reactivated wells that were turned off when oil prices began falling in 2014.

“We believe that 2017 will be the best year since 2014 for American energy producers and we hope to continue capitalizing on opportunities around the country,” Yu said.