(NOV 2018) Pin Oak Energy Partners Announces the Closing of an Acquisition for Somerset Gas Gathering Pipeline of Pennsylvania LLC
Pin Oak Energy Partners Announces the Closing of an Acquisition for Somerset Gas Gathering Pipeline of Pennsylvania LLC
Pin Oak Energy closed a transaction with Appalachian Midstream Partners, LLC for the membership interest of Somerset Gas Gathering of Pennsylvania LLC (SGG), which owns and operates a 72-mile midstream pipeline that extends from the Lewis Run delivery point in McKean County, PA to the Leidy Hub interconnect in Clinton County, PA with existing volumes transported for delivery into SGG’s interconnects with Tennessee Gas Pipeline and National Fuel Gas. Operation of the pipeline system will be managed by Pin Oak Midstream LLC.
Pin Oak Energy CEO, Christopher Halvorson, stated, “The last 6 months have been very busy for Pin Oak. We have closed numerous smaller deals in addition to the transactions for SGG and the assets in Elk County. The Elk County deal provides a direct line of sight to future development drilling plans for the Company, while both the Elk County and AMP deals add to Pin Oak Midstream’s growing portfolio of midstream assets.”
“The assets in Elk County and the AMP assets are a great fit to our expanding footprint in north-central Pennsylvania. The acquisition of these assets demonstrates the Company’s ability to source opportunities, work through a variety of mutually agreeable, yet complex, transaction terms, and ultimately close the deal. We are very pleased with our ongoing efforts of executing our growth strategy, which could not be done without the commitment and cooperation of our team and those of the sellers.” says Mark Van Tyne, Pin Oak Energy’s Chief Business Development Officer.
About Pin Oak Energy
Pin Oak Energy Partners LLC and its subsidiaries are Appalachian Basin energy companies engaged in the exploration and production of conventional and unconventional oil and natural gas wells along with the operation of midstream pipeline systems. The Company currently operates over 700 wells producing nearly 14.0 MMcfe/d net (11% liquids), over 125 miles of midstream assets, and maintains a 130,000 net acre position in the basin. Visit Pin Oak Energy at www.pinoakep.com
Pin Oak Energy Partners LLC
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