Pin Oak Energy Partners has completed the acquisition of 43,000 acres prospective for Utica shale development in northwestern Pennsylvania, US, from Shell affiliate SWEPI LP.
With the closure of the transaction, Pin Oak Energy’s acreage position across the Appalachian Basin has now increased to 167,000 net deep acres, including 64,000 in Ohio and 103,000 in Pennsylvania. Around 99% of these acres are held by production.
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Financial terms of the deal were not disclosed.
Pin Oak Energy Partners chief business development officer Mark Van Tyne said: “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.”
The company stated that the transaction has increased its net deep acre position in Mercer, Crawford and Venango counties to a total of 60,000, 5,500 and 7,100 respectively.
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By GlobalDataThe acquisition comprises drilled and completed horizontal Utica Shale wells, as well as previously built but undrilled well pads.
Last February, the firm acquired nearly 70,000 net acres in the northern trend of the Utica/Point Pleasant Play in Ohio and Pennsylvania through transactions with multiple sellers.
In addition to acreage, the transactions included certain midstream assets and conventional wells.
Pin Oak currently operates 393 wells with the total production exceeding 13MMcfe/d across more than 119,000 net acres.
