Pin Oak Energy Partners LLC (Pin Oak Energy) announces that it has closed on a transaction with an undisclosed seller to acquire oil and gas assets in Trumbull, Tuscarawas and Mahoning Counties in Ohio, as well as Mercer, Crawford and Venango Counties in Pennsylvania.
“This acquisition adds to our base of producing unconventional assets in the Appalachian Basin and allows Pin Oak to capitalise 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,” says Christopher Halvorson, CEO of Pin Oak Energy.
The assets include 10 producing Utica/Point Pleasant wells with current daily production of 2.2 million ft3 equiv./d (25% liquids); three drilled and completed wells waiting on pipeline (WOPLs); 22 miles of midstream gathering pipeline infrastructure (including pipeline rights-of-way awaiting pipeline installation) with eight interconnect locations; 5 acre field office with yard in Hermitage (PA); and 283 leases covering more than 7700 acres.
Pin Oak Energy's Chief Operating Officer, John G. Corp, stated: “This acquisition fits with Pin Oak Energy’s expertise of operating unconventional assets with three phase production [oil, natural gas and natural gas liquids] and further solidifies an operating base in the northern portion of Ohio’s Utica play.”