GE Commercial Finance Energy Financial Services has acquired, in partnership with Locin Oil Corporation, 96 billion cubic feet of net proved gas reserves located in the US north-east for approximately $147 million.
The properties were acquired from Equitable Production Company and include approximately 1,200 wells in Pennsylvania and Ohio. In addition, a total of over 220 proven and probable, low risk, undeveloped drilling locations have been identified in the fields.
In addition to the reserve base, the acquisition includes over 400 miles of related gathering systems in the Noble (Lordstown) and Cambridge fields in eastern Ohio and the Snowshoe and Grugan fields in Central Pennsylvania.
The Ohio gas production is sold to contracted industrial customers in the region. The Pennsylvania production is sold through multiple sales points to four major gas pipelines accessing diverse US gas markets.
Our partnership with Locin represents a dynamic growth opportunity in this geographically strategic, energy-rich region, said John Schaeffer, the Energy Financial Services managing director heading its oil and gas unit. Locin’s industry experience, combined with GE’s financial resources and industry knowledge, positions our new partnership for continued, long-term success.