BIRMINGHAM: Diversified Gas & Oil, the U.S. based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, has completed the purchase of certain assets from EdgeMarc Energy Holdings, LLC, and certain of its subsidiaries.
The consideration for the acquisition was $50 million funded from existing debt facilities, to acquire 12 producing unconventional Utica natural gas wells and related facilities in Monroe and Washington counties within the State of Ohio, three drilled but uncompleted wells and undeveloped land containing deep Utica rights.
The Company also paid approximately $1.6 million for EdgeMarc’s natural gas financial hedge portfolio.
Commenting on the completion of the Acquisition, CEO, Rusty Hutson, Jr., said: “We are pleased to close this acquisition just three weeks after a successful bid. We now turn our attention to fully integrating these accretive assets and to determining the optimal way to realise additional value for the acquired DUCs and undrilled locations.”
Edited by Nayyar Iqbal