DGO completes Ohio acquisition
Diversified Gas & Oil has completed its acquisition of all the conventional assets of Eclipse Resources in Ohio for $4.8m.
The purchase was funded through a combination of a GBP2.7m bond issue, senior secured funding and equity.
The assets acquired included approximately 1,300 conventional oil and gas wells producing approximately 250 barrels of oil per day and 3,000 MCF per day of natural gas production. This is the company'''s largest acquisition in Ohio to date.
DGO now owns and operates approximately 5,000 conventional wells in Ohio, West Virginia and Pennsylvania, producing approximately 450 bopd and 13,000 MCF per day of natural gas.
Chief executive Rusty Hutson said: "The company continues to identify strong M&A opportunities as part of our ongoing strategy to consolidate and expand our position in the new potential significant Appalachian Basin."
On 7 March the company listed an information memorandum for the issue of up to a further GBP3.6m of bonds on the ISDX Growth Market.
For mike murphy , look for a pipeline marker where the line crosses the road if none then call Ohio DNR, Div. Oil & Gas.
I told them the EPA because I figured there was a spill involved that will need cleaned up but the Ohio DNR would be another group to get involved