A subsidiary of Rice Energy Inc. has purchased all of the assets held by upstart Lola Energy LLC in a series of transactions that were finalized this month, according to deed transfers and assignments of interest filed in three northern West Virginia counties and another in southwest Pennsylvania.
Lola was formed in 2015 with a $250 million private equity commitment from Denham Capital Management LP and funds from its executive management team. CEO Jim Crockard's LinkedIn profile indicated the company "exited" its position in a "confidential sale" this month to "an undisclosed strategic buyer just ahead of breaking ground on the company's first permitted pad location" in Greene County, PA.
Crockard's profile also said the company built a nearly 20,000 acre position through leasing and mineral buying in Greene County and Monongalia County, WV. At the time Lola was formed, the company was already leasing in Greene County and evaluating other land in southwest Pennsylvania, northern West Virginia and eastern Ohio.
Rumors of the sale to Rice have swirled for weeks. An assignment and bill of sale transferring rights and interests between Lola Drilling I LLC, Lola Energy Operating Co. LLC and Rice Drilling B LLC were filed in Monongalia County on July 18. NGI's Shale Daily obtained a copy of the public record along with related filings in other counties and verified similar transactions in the region. They note a purchase and sale agreement between the parties dated May 31. In Monongalia County, for example, assets, equipment, contracts, production and permits, among other things, were listed under the assignment of interest.Read more by clicking here.
Connect with us on Facebook and Twitter!