Pin Oak Energy acquires Pennsylvania assets

An Ohio-based company has closed a deal to acquire Marcellus and Utica shale assets in northern Pennsylvania, Kallanish Energy reports.

Pin Oak Energy Partners has acquired 4,300 gross acres in Forest, Elk, McKean and Cameron counties.

The seller was New York-based Seneca Resources Corp.

The sale price was not disclosed.

The assets include 14 producing Marcellus wells and two producing Utica wells on eight pads. The assets have a daily production of 6.1 MMcfe per day.

The purchase was Pin Oak’s third in the third quarter 2017, the company said.

The earlier purchases provided about 17,000 acres and 18 Utica wells in eastern Ohio and western Pennsylvania including some non-core EQT assets that were purchased.

Those assets have production of about 4.1 MMcfe per day plus some collecting pipelines.

Pin Oak operates 379 wells producing nearly 12.0 MMcfe per day (16% liquids) across more than 36,300 acres.