A Denver investment firm is making a bigger bet on Pennsylvania natural gas.
Kalnin Ventures LLC said it's spending $210 million to buy assets in the northeast portion of the Marcellus Shale, in Pennsylvania’s Wyoming and Susquehanna Counties.
The investment firm said in the past two years, it's spent $417 million on five deals in the Marcellus Shale, making it one of the top 20 natural gas producers in Pennsylvania. And it's not done buying in the area, either, according to the company.
“This deal is unique from our previous four in that it provides us the opportunity to naturally expand into an operator position while also acquiring additional midstream assets,” said Christopher Kalnin, managing director and co-founder of Kalnin Ventures LLC, in a statement.
Kalnin's investor in the deal is BKV Oil and Gas Capital Partners, LP, owned by sole investor, Banpu Pcl, a Thailand-based coal mining and power generation company.
Earlier this year, the Business Journals reported on another Kalnin purchase in Pennsylvania's Marcellus Shale.
By Ben Miller