The transaction with Shell further bolsters Pin Oak Energy’s deep Utica rights in the oil and wet gas windows of the play, says Mark Van Tyne, co-founder of Pin Oak Energy. (Source: Royal Dutch Shell Plc)
Pin Oak Energy Partners LLC boosted its Utica position April 3 by acquiring Appalachia assets in northwestern Pennsylvania from an affiliate of Royal Dutch Shell Plc.
Shell, one of the largest leaseholders and producers in the Appalachian Basin, has grown its acreage leasehold to about 850,000 acres primarily in Pennsylvania after entering the region in 2010, according to the company’s website.
Pin Oak said April 3 it had closed a transaction with SWEPI LP to acquire roughly 43,000 acres of that position for an undisclosed amount. The acreage, located in Mercer, Crawford and Venango counties, Pa., are prospective for Utica Shale development and mostly HBP.
The acquisition also included drilled and completed, but not online, horizontal Utica Shale wells along with previously built, but not drilled, well pads, the Pin Oak press release said.
Mark Van Tyne, Pin Oak Energy’s co-founder and chief business development officer, said the transaction with Shell further bolsters the company’s deep Utica rights in the oil and wet gas windows of the play, where Pin Oak now holds 167,00 net acres, 99% of which is HBP.
“The fact that the majority of the acreage is HBP affords us time to more thoroughly evaluate the region as we high grade locations for economic development,” Van Tyne said in a statement.
Pin Oak Energy’s net deep acre position in Mercer, Crawford and Venango counties, Pa., increased to a total of 60,000, 5,500 and 7,100 respectively.
Since its launch in 2015, Pin Oak Energy has built a substantial operating position focused on conventional and unconventional assets in the Appalachian Basin through acquisitions and strategic partnerships.
In total, Pin Oak, headquartered in Akron, Ohio, now maintains 178,000 net acres including over 125 miles of midstream assets in the Appalachia Basin. The company said it currently operates wells producing nearly 14 million cubic feet equivalent per day net (11% liquids).
Van Tyne added that Pin Oak Energy also has “multiple deals in our pipeline” as the company pursues its aggressive growth strategy.
“Pin Oak Energy looks forward to continuing to build our brand and asset base,” he said.
Emily Patsy can be reached at epatsy@hartenergy.com.
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