AKRON — Pin Oak Energy Partners LLC is closing a transaction with SWEPI LP (Shell) for approximately 43,000 acres prospective for Utica Shale development in northwestern Pennsylvania.
The transaction increases Pin Oak Energy’s acreage position across the Appalachian Basin to 167,000 net deep acres with 99% of those net deep acres being held by production.
Pin Oak Energy’s net deep acre position in Mercer, Crawford and Venango counties increased to 60,000, 5,500 and 7,100 respectively.
The company now touts 64,000 net deep acres in Ohio and 103,000 net deep acres in Pennsylvania. The acquisition also includes drilled and completed, but not online, horizontal Utica Shale wells along with previously built, but not drilled, well pads.
The company currently operates wells producing nearly 14.0 MMcfe/d net (11% liquids), over 125 miles of midstream assets, and maintains 178,000 net acres (167,000 net deep acres) in the basin.
Visit Pin Oak Energy at www.pinoakep.com.
