Dec 30 (Reuters) - Unbridled Energy Corp UNE.V said it will not proceed with two previously announced joint ventures in Pennsylvania as part of a revised strategic plan for 2009 amid “dramatic” changes in the oil and gas industry.
The joint ventures include the farm-in on a tight sand oil play in southern Pennsylvania and the 8,000 acre Marcellus shale joint venture, the company said in a statement.
The company said it had finished production testing in its three horizontal wells in Ohio, but due to low gas prices and well productivity results, it will not proceed with the development of this play.
The explorer of oil and gas properties said it intends to farm out or sell the acreage.
“Unbridled will now focus its capital expenditures in the first quarter and second quarter of 2009 on cash flow and reserve building operations within its New York and Alberta properties,” the company said.
Shares of the company closed at 5 Canadian cents Monday on the Toronto Ventures Exchange. (Reporting by Anurag Kotoky in Bangalore; Editing by Pratish Narayanan)