Regent Energy Corporation has executed a contract with Millennium Energy Ventures (MEVCO), a private Houston-based venture capital and project development company, to develop an electric plant with 500mw generating capacity (estimated cost USD 250 million) on Regent’s Horseshoe Gallup lease in San Juan County, New Mexico. Ownership of the project is 75% Regent and 25% MEVCO. Under the agreement, MEVCO will manage the permitting estimated at 6–9 months, and construction process, arranging the equity as needed for same. Regent will be prepared to give up 50% (total) of its 75% net for the financing, netting a 25% interest following the equity/debt financing. Further terms of the agreement provide that MEVCO will assist Regent in the acquisition of several gas fields in the Four Corners area, San Juan and Rio Ariba Counties of New Mexico, totalling an estimated 90+ Bcf and 20 MMcfpd current production. This production will be sufficient to power 100mw of the power plant, with the remaining supply to be aggregated from other San Juan producers.