Crain’s Cleveland Business. Akron-based oil and gas producer Pin Oak Energy Partners LLC announced on Wednesday morning, Oct. 4, that it has acquired shale assets in four Pennsylvania counties from Seneca Resources Corp. of Houston.
Financial terms of the deal were not disclosed. Pin Oak said in a news release that the acquisition includes 14 producing Marcellus Shale wells and two producing Utica/Point Pleasant Shale wells across about 4,300 acres. The wells have current production of 6.1 million cubic feet per day.
Pin Oak CEO Christopher Halvorson said in a statement that the acquisition “concludes a very active third quarter” for the company and marks its third transaction in a 90-day period.
“The Seneca Resources’ assets are a great fit to our expanding unconventional footprint in Pennsylvania and further demonstrate the company’s ability to source acquisition opportunities,” added Mark Van Tyne, chief business development officer at Pin Oak.
The company said it currently operates 379 wells producing nearly 12 million cubic feet per day across more than 36,300 acres.
On Sept. 26, Pin Oak announced that its credit facility with CrossFirst Bank had been increased to $150 million to provide more financial support for its growth plans.
Pin Oak in August acquired 10 wells in Ohio and Pennsylvania, as well as 7,700 acres of leases, 22 miles of pipeline and an office in Hermitage, Pa., from an undisclosed seller. Financial terms of that deal also were not disclosed.
By Scott Suttell
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