Pin Oak Energy Partners LLC (“Pin Oak Energy” or the “Company”) announces the closing of a transaction with SWEPI LP (”Shell”) for approximately 43,000 acres prospective for Utica shale development in northwestern Pennsylvania.
Image: Onshore drilling. Photo: courtesy of Stuart Miles/Freedigitalphotos.net.
The transaction increases Pin Oak Energy’s acreage position across the Appalachian Basin to 167,000 net deep acres with 99% of those net deep acres being held by production (“HBP”).
Pin Oak Energy’s Chief Business Development Officer, Mark Van Tyne, stated, “This transaction further bolsters the Company’s deep Utica rights in the oil and wet gas windows of the play. 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. With multiple deals in our pipeline, Pin Oak Energy looks forward to continuing to build our brand and asset base.”
Pin Oak Energy’s net deep acre position in Mercer, Crawford and Venango Counties, Pennsylvania increased to a total of 60,000, 5,500 and 7,100 respectively. The Company now touts 64,000 net deep acres in Ohio and 103,000 net deep acres in Pennsylvania. The acquisition also includes drilled and completed, but not on-line, horizontal Utica Shale wells along with previously built, but not drilled, well pads.
Source: Company Press Release