AKRON, Ohio (PRWEB) July 11, 2017
Pin Oak Energy Partners LLC (Company or Pin Oak Energy), today, announces that it has purchased approximately 9,300 net acres, eight Utica wells, and four miles of gathering lines from EQT Corporation's non-core asset portfolio located in Guernsey, Muskingum, and Columbiana Counties of Ohio.
Christopher T. Halvorson, Pin Oak Energy CEO stated, “We are excited to complete this acquisition and add to our growing base of producing assets and development opportunities in the Appalachian Basin. This deal fits our strategy of acquiring cash flowing assets with upside potential, expands our existing operating footprint, and highlights Pin Oak Energy’s ability to transact quickly with our industry partners.”
The assets include six producing Utica/Point Pleasant wells with current daily production of 1.9 MMcfe/d (47% liquids); two optional drilled, uncompleted wells (DUCs); a midstream interconnect/central processing unit with gathering pipeline infrastructure; and approximately 485 existing leases located across the estimated 9,300 net acres.
Pin Oak Energy’s Chief Business Development Officer Mark H. Van Tyne stated, “This transaction is a very positive step forward in Pin Oak Energy’s growth strategy and is accretive to some of our existing operations. Pin Oak Energy seeks acquisition opportunities of both conventional and unconventional cash flowing assets across the Appalachian Basin, with our primary focus in Ohio, Pennsylvania, and northern West Virginia.”
About Pin Oak Energy
Pin Oak Energy Partners LLC is an Appalachian Basin energy company engaged in the exploration and production of conventional and unconventional oil and natural gas wells and the operation of associated assets. The Company currently operates 350 wells producing nearly 3.5 MMcfe/d (35% liquids) across 23,500 net acres and is also involved in midstream, field services and operations through its affiliates. Visit Pin Oak Energy at http://www.pinoakep.com
Pin Oak Energy Partners LLC
1-888-748-0763 Ext. 701