Lola Energy III LLC has acquired 22,000 net acres of oil and natural gas leases in western Pennsylvania from EdgeMarc Energy Holdings LLC. 

Energy Transfer

Terms of the deal were not disclosed, but Lola said the assets in Butler County are producing 85 MMcfe/d from the Marcellus and Upper Devonian shales. 

EdgeMarc was forced to file bankruptcy in 2019 nearly a year after Energy Transfer LP’s (ET) Revolution Pipeline ruptured and exploded amid an unusually wet stretch of weather that kept the pipeline out of service until this month. Butler County had been EdgeMarc’s core, but when the pipeline was knocked offline, it stranded production. EdgeMarc also divested acreage in southeast Ohio during bankruptcy proceedings.

The assets in the deal include 48 producing horizontal oil and gas...