Pin Oak Energy Partners, an Appalachian Basin energy company has agreed to acquire oil and gas assets from an undisclosed seller in the US states of Ohio and Pennsylvania.
The price offered for the assets by Pin Oak Energy has not been disclosed as well.
In Ohio, the assets are located in the Trumbull, Tuscarawas and Mahoning Counties, while in Pennsylvania, the assets are located in the Mercer, Crawford and Venango Counties.
Included in them are 10 Utica/Point Pleasant wells which put together have a current production of 2.2MMcfe/d per day out of which 25% constitute liquids. Also part of the acquisition are three drilled and completed wells along with a 35.4km midstream gathering pipeline infrastructure having eight interconnect sites.
Pin Oak Energy CEO Christopher Halvorson said: “This acquisition adds to our base of producing unconventional assets in the Appalachian Basin and allows Pin Oak to capitalize on operational efficiencies when combined with our existing producing assets.
“In addition, this transaction provides a foundation for continued build-out of midstream assets across the northern portion of the Utica/Point Pleasant development.”
Pin Oak Energy Partners will be adding 283 leases spanning over 7,700 acres to its portfolio.
According to the company’s chief operating officer John G. Corp, the acquisition aligns with its expertise of operating unconventional assets with 3-phase production comprising oil, natural gas and natural gas liquids. It is also expected to further consolidate an operating base for Pin Oak Energy in the northern portion of Utica play in Ohio.
Last month, the company acquired around 9,300 net acres along with eight Utica wells, and four miles of gathering lines from EQT Corporation. The assets considered to be non-core to EQT are spread across the Guernsey, Muskingum, and Columbiana Counties in Ohio.