Pin Oak Energy Partners LLC continued growing its position in Appalachia with the acquisition of producing Utica/Point Pleasant shale assets in Ohio and Pennsylvania, the Akron, Ohio-based company said Aug. 2.
The acquisition, terms of which were undisclosed, comprised 10 producing Utica/Point Pleasant wells with current daily production of 2.2 MMcfe/d (25% liquids) in Trumbull, Tuscarawas and Mahoning counties, Ohio, and Mercer, Crawford and Venango counties, Pa.
“This acquisition fits with Pin Oak Energy’s expertise of operating unconventional assets with three-phase production [oil, natural gas and NGL] and further solidifies an operating base in the northern portion of Ohio’s Utica play,” John G. Corp, Pin Oak Energy's COO, said in a statement.
Christopher Halvorson, CEO of Pin Oak Energy, said the company's recent acquisition also provides a “foundation for continued build-out of midstream assets across the northern portion of the Utica/Point Pleasant development.”
The deal also included 22 miles of midstream gathering pipeline infrastructure (including pipeline rights-of-way awaiting pipeline installation) with eight interconnect locations, a five-acre field office with a yard in Hermitage, Pa., and 283 leases covering more than 7,700 acres.
In July, Pin Oak Energy purchased about 9,300 net acres, eight Utica wells and four miles of gathering lines for an undisclosed amount from EQT Corp.'s (NYSE: EQT) noncore asset portfolio located in Guernsey, Muskingum, and Columbiana counties, Ohio.
Pro forma its recent acquisition, Pin Oak Energy operates 363 wells producing nearly 5.7 MMcfe/d (32% liquids) across more than 32,000 acres in the Appalachia Basin, according to the company release.
Recommended Reading
Utica’s Encino Boasts Four Pillars to Claim Top Appalachian Oil Producer
2024-11-08 - Encino’s aggressive expansion in the Utica shale has not only reshaped its business, but also set new benchmarks for operational excellence in the sector.
TGS Extends Appalachian Basin 3D Seismic Survey
2024-10-23 - TGS said the survey, which is positioned up-dip from the Utica condensate and gas trend, will target 276 sq miles of “key” formations in the Appalachian Basin.
Encino’s Tim Parker: Plenty of Utica Oil—and Takeaway Too
2024-11-15 - Encino Energy's Tim Parker tells Hart Energy's Nissa Darbonne about the economics of drilling in the company's Utica oil development at the DUG Appalachia Conference and Expo.
Permian Resources Closes $820MM Bolt-on of Oxy’s Delaware Assets
2024-09-17 - The Permian Resources acquisition includes about 29,500 net acres, 9,900 net royalty acres and average production of 15,000 boe/d from Occidental Petroleum’s assets in Reeves County, Texas.
Nabors Takes to Global Expansion in 3Q as Rig Count Shrinks in Lower 48
2024-10-25 - Nabors Industries saw broad growth across key international geographies in third-quarter 2024, with more rig deployments expected.