Pin Oak Energy Partners LLC (Company or Pin Oak Energy) announces that it has closed a
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transaction with Seneca Resources Corporation (Seneca Resources) to acquire Marcellus and Utica/Point Pleasant assets in Forest, Elk, McKean and Cameron Counties in Pennsylvania.
Pin Oak Energy CEO, Christopher Halvorson, stated, “This acquisition concludes a very active 3rd quarter 2017 for Pin Oak Energy. The Seneca Resources acquisition marks our third transaction in a 90-day period. It is a credit to the leadership team and employees of the Company to both successfully manage our existing operations while simultaneously allocating the time and resources to complete these acquisitions in such a short period of time. Pin Oak Energy's success is a product of our people.”
The acquisition includes 14 producing Marcellus Shale wells and 2 producing Utica/Point Pleasant Shale wells across eight total pads producing from approximately 4,300 gross acres. The assets have current daily production of 6.1 MMcfe/d.
“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, work through mutually agreeable transaction terms, and ultimately close the deal. We are very pleased with our ongoing efforts of executing our growth strategy of both conventional and unconventional assets,” says Mark Van Tyne, Chief Business Development Officer of Pin Oak Energy.
