(FEB 2018) Pin Oak Energy Announces the Closing of the Acquisition of Nearly 70,000 Net Acres in the Northern Trend of the Utica/Point Pleasant Play in Ohio and Pennsylvania
Pin Oak Energy Announces the Closing of the Acquisition of Nearly 70,000 Net Acres in the Northern Trend of the Utica/Point Pleasant Play in Ohio and Pennsylvania.
Pin Oak Energy Partners LLC announces that it has closed on a series of transactions in early February 2018 with multiple sellers. The transactions include the acquisition of nearly 70,000 net acres (90% HBP) prospective for Utica/Point Pleasant development in Ohio and Pennsylvania, additional midstream assets in northern Pennsylvania including two (2) taps into Tennessee Gas Pipeline along with associated gas processing capabilities, and thirty-three (33) conventional wells in Ohio that produce from the deep Knox Group of geologic formations.
Pin Oak Energy CEO, Christopher Halvorson, stated, “These acquisitions add a significant development component to our existing acreage position along with expanded midstream assets and capabilities in a key growth area for Pin Oak Energy. This is a pivotal moment for our Company as we materially add acreage to our future development position.”
In addition to other areas, the transactions include leasehold acreage in Mahoning and Trumbull Counties Ohio and Mercer County Pennsylvania, all of which are part of Pin Oak Energy’s northern Utica/Point Pleasant position. Leasehold acreage in eastern Guernsey County Ohio was also included, which adds to Pin Oak’s southern Ohio Utica/Point Pleasant activities. Also included were associated pipeline rights-of-way in and around Pin Oak’s expanding acreage position.
Midstream assets were added by acquiring gas processing facilities and multiple taps into interstate pipelines across Pin Oak’s northern Pennsylvania position. Two taps that deliver into Tennessee Gas Pipeline (“TGP”) stations west of TGP Station 313, each have the capability of up to 100 MMcf/d. An additional tap in Elk County, Pennsylvania delivers into one of National Fuel Gas Supply Corporation’s interstate pipeline.
Lastly, the acquisitions included 33 vertical, conventional producing wells targeting the Knox Group of geologic formations (Rose Run, Beekmantown and Trempealeau) in southern Ohio with an average producing depth of 8,500’. This acquisition provides producing assets, additional offset drilling locations and deep acreage primarily in eastern Muskingum County, Ohio targeting Knox formations that underlie the Utica/Point Pleasant.
“These acquisitions provide Pin Oak Energy with greater opportunities and offer us optionality that we believe will be beneficial to the Company for years to come. We are very pleased with our continuing efforts of executing our growth strategy in both the conventional and unconventional arenas.” says Mark Van Tyne, Pin Oak Energy’s Chief Business Development Officer.
Pin Oak Energy Partners LLC (“Company”) 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 393 wells producing over 13.0 MMcfe/d (9% liquids) across more than 119,000 net acres (113,000 net, deep acres). Pin Oak Energy also operates more than 22 miles of midstream assets with 15 interconnects into interstate pipelines across its Appalachian Basin position. The Company is involved in field services and operations through its affiliate companies. Visit Pin Oak Energy at www.pinoakep.com
Pin Oak Energy Partners LLC
1-888-748-0763 Ext. 701