Coldwell Banker Legacy Real Estate, Inc. of Bowling Green, Kentucky has been given the exclusive right to sell property owned by Kentucky and West Virginia Coal and Mining Company, a West Virginia Corporation. The property, located in Bell and Harland Counties, Kentucky, contains approximately 5,145 acres and is being offered for $5,500,000.
A timber cruise indicates about 4545 acres of timber with 12,750,000+ BF of timber 16 inches in diameter and larger. A reserve analysis evaluation for the coal reserves of the property indicates about 12,436,000+ tons of recoverable coal based on 50% of the potential reserves due to the uncertainty of the relatively unexplored region. At present, 8 natural gas wells have been drilled with plans to drill at least 2 more. The wells are leased to Evans Energy Corp for a 1/8th share to the owner of the property. The wells are expected to be brought on line producing about 100 MCF/day/well. The wells have a life expectancy of 25 years. It is unknown if Evans has plans to drill more wells on this property. These wells are the first of a 50 well project in the region that Evans Energy Company, LC and Premier Energy, LLC have undertaken to supply natural gas to portions of southwest Virginia and northeastern Tennessee. The project, known as the Stone Mountain Project, will be affiliated with Duke Energy Gas Transmission which is part of Duke Energy, a fortune 100 company headquartered in Charlotte, NC.
Disclaimer: Information above and contained in this report requires the reader to form opinions of value. Coldwell Banker Legacy Real Estate, Inc. believes the information provided herein to be reliable, but makes no guarantee as to its accuracy or of the opinions formed. The information is subject to change or withdrawal, and is subject to prior disposition of the subject property without notice.
