Pin Oak Energy Acquires 43,000 Utica Shale Acres in PA
From Business Journal Daily:
Pin Oak Energy Partners, which last year acquired 64,000 acres of leasehold rights in the northern trend of the Utica shale in Ohio and Pennsylvania, has expanded its footprint.
Pin Oak said in a statement that it has closed a deal with SWEPI LP, a division of Royal Dutch Shell, for approximately 43,000 Utica acres in Mercer, Crawford, and Venango counties in northwestern Pennsylvania. The acquisition expands the company’s leaseholds to 60,000 acres in Mercer County, 5,500 acres in Crawford County and 7,100 acres in Venango County.
The deal increases Pin Oak’s position to 167,000 net deep acres across the entire Utica, with 99% of those acres held by production.Read more by clicking right here.
“This transaction further bolsters the company’s deep Utica rights in the oil and wet gas window of the play,” said Mark Van Tyne, Pin Oak’s chief business development officer, in a statement. “The fact that the majority of the acreage is held by production affords us time to more thoroughly evaluate the region as we high grade locations for economic development.”