Diversified Gas & Oil has reached a $3.1 million agreement to buy oil and natural gas wells and pipelines in Ohio from NGO Development Corp., according to The Columbus Dispatch. NGO Development Corp. is a subsidiary of the Energy Cooperative, a rural-electric cooperative utility based in Newark.
In the deal, Diversified Gas & Oil has acquired about 550 wells in Coshocton County and six other counties, including Fairfield and Licking. The wells acquired are conventional wells, which have smaller outputs than horizontal shale wells.
The sale closed on Nov. 30. NGO Development is using the proceeds to pay down debt.