Upstart Pin Oak Energy Partners LLC has acquired another 70,000 net acres in Ohio and Pennsylvania that are prospective for the Utica Shale through a series of transactions with undisclosed sellers that closed this month.
Akron, OH-based Pin Oak said 90% of the properties are held-by-production. Terms of the transactions were not disclosed.
In addition to other areas, the company acquired leasehold acreage in Mahoning and Trumbull counties, OH, in an area that was once thought to be the Utica’s core and where black and volatile oil windows are still considered promising. Pin Oak picked up acreage across the state line in Mercer County, PA, that’s prospective for the Utica, too.
The package of assets also included leasehold in Guernsey County, OH, in the Utica core and 33 conventional wells targeting the Knox Group of formations in southeast Ohio’s Muskingum County. Smaller gas processing facilities and midstream assets with taps into Tennessee Gas Pipeline and the National Fuel Gas Supply Corp. system were acquired as well.
Privately-owned Pin Oak was established in 2015 by executives that have long worked in the Appalachian Basin. Since then, the company has grown by purchasing conventional and unconventional oil and natural gas assets in Ohio and Pennsylvania. It acquired more than 20,000 acres late last year in deals with EQT Corp. and Seneca Resources Corp., among others.
The company now operates 393 wells with more than 13 MMcfe/d of production across 119,000 net acres and has more than 22 miles of midstream assets with 15 interstate pipeline connections.