Pantera to buy BP's oil and natural gas wells in Moore and Sherm - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Pantera to buy BP's oil and natural gas wells in Moore and Sherman County

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Amarillo, TX - The panhandle area will see more jobs after an Amarillo company buys gas fields from British Petroleum.

Pantera Energy Company is planning on paying BP $390 million dollars for oil and natural gas in Moore and Sherman counties.

This vice president, Scott Herrick, says this will double their production and add 500 wells.

Herrick also says the purchase will mean more jobs for the area."There is going to be a trickle down effect and this will be good for employment in the area.

We will be employing pulling unit crews, frack services, and we plan to have a fairly active drilling program. So we will be having anywhere from 2 to 3 drills running at the same time" said Herrick.

The wells Pantera is purchasing mostly produce high liquid natural gas.

An economist, Neil Meredith, says this purchase will help improve efficiency for the oil and gas industry in our area.

"The local company is going to know the area and the local business climate. That will improve efficiency and help them keep their costs down.

And possibly make gas prices that more competitive and possibly bring down gas prices to some degree

"Pantera has offered jobs to all the employees currently working in the BP offices in Sherman and Moore county.

They also plan on adding more administrative jobs in the future.