Diversified buys 1,300 producing wells in Ohio, Pa.
Diversified Gas & Oil acquired 1,300 oil and natural gas producing wells in Ohio and Pennsylvania, spending $1.75 million, according to ShareCast News.
The acquisition is expected to lift the company’s gas production by 30,000 cubic feet per day, a 14 percent increase. Simultaneously, it will raise oil production to about 585 barrels per day, a 23 percent increase.
Additionally, the wells are expected to contribute $1 million per year to the company’s operating cash flow.