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.
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