Natrona County, Wyoming (FRAMS Project)
In 2014, we acquired the right to earn approximately 119, 3 00 gross acres (93,000 net acres with an 80% working interest) in Natrona County, Wyoming. During the fourth quarter of 2014, we sold a 20% working interest in this prospect to an independent oil and gas company, reducing our potential ownership to approximately 69,900 net acres with a 60% working interest. We spud our first well in this play during the fourth quarter of 2014 targeting the Mowry Shale, and expect to complete that well late in the first quarter or early second quarter of 2015. We will evaluate results from the first well for a number of months and determine future drilling plans for this area.
Weston County, Wyoming (N. Cheyenne Project)
In 2014, we acquired the right to earn approximately 49,000 gross acres (44,000 net acres with a 90% to 100% working interest) in Weston County, Wyoming. During the fourth quarter of 2014, we sold a 20% working interest in this prospect to an independent oil and gas company, reducing our potential ownership to approximately 35,000 net acres with a 72% to 80% working interest. We spud our first well in this play during the first quarter of 2015 targeting the Muddy Sandstone formation, and currently plan to complete that well early in the second quarter of 2015. We will evaluate results from the first well for a number of months and determine future drilling plans for this area. This acreage is approximately 125 miles to the northeast of our Natrona County acreage.
Sublette County, Wyoming (Exaro Energy III)
In April 2012, we entered into a Limited Liability Company Agreement in connection with the formation of Exaro. Pursuant to the LLC Agreement, we have committed to invest up to $67.5 million in cash in Exaro for a 37% ownership interest. As of December 31, 2014, we had invested approximately $46.9 million in Exaro. We account for our ownership in Exaro using the equity method of accounting, and therefore, do not include its share of individual operating results, reserves or production in those reported for our consolidated results.
As of December 31, 2014, Exaro had 625 wells on production over its 1,040 net acres, with a working interest between 14.4% and 32.5%. These wells were producing at a rate of approximately 41 Mmcfed, net to Exaro, plus an additional four wells that are either in the completion or fracture stimulation phase. The operator expect s to have two drilling rigs running on this project during 2015. For the year ended December 31, 2014, the Company recognized a net investment gain of approximately $6.9 million, net of tax expense of $3.8 million, as a result of its investment in Exaro. As of December 31, 2014, reserves attributable to our investment in Exaro were 70.2 Bcfe. We do not anticipate making any additional equity contributions during 20 15 as Exaro estimates that drilling capital will be funded through internally generated cash flow and borrowings under its revolving credit facility.